48North Cannabis (NRTH.V) received a license for their drying facility at Good:Farm from Health Canada today.
This license gives the company the capability to dry their planted crop on site. Now they’re working towards their second annual harvest, and the Health Canada nod adds to their bevy of operational and licensing improvements to help the company properly commercialize the Good:Farm.
“This first mover advantage positions the company to build on lessons learned last year and make necessary corrections so that we can leverage Good:Farm as a source of low-cost, high-quality cannabis,” said Charles Vennat, chief executive officer of 48North.
48North is launching cannabis products using distillate extracted from last year’s crop. Their Apothecanna and Trail Mix brands are derived from last year’s farm cannabis, and the company is using a process that they anticipate will result in full-spectrum oils, baggable flower, pre-roll biomass and more distillate.
“Last year’s harvest demonstrated that 48North’s Good:Farm would be an effective source for next-generation cannabis products that are now on the market. However, inadequate drying space reduced the harvest volume we were able to bring to the market last year. Today’s announcement shows that we have corrected that problem and are better positioned to meet the high demand for our products,” said Vennat.
48North intends to cultivate cannabis at a similar cost than last year’s 25 cents per gram—mostly as a response to the notion that the industry is no longer facing an undersupply. Now quality and cost are becoming difference-makers in a saturated industry.
48North’s price spiked by 9.7% so far on the day, and are presently trading at $0.17.
—Joseph Morton