(NRTH.V) June 12, 2019 – 48North Cannabis Corp. announced today that it has shipped its first order of cannabis to the Societe quebecoise du cannabis (SQDC) for retail sale. The shipment marks the company’s first foray into the Canadian recreational retail market.
In February, the company announced that it had signed Canada’s first ever letter of intent for outdoor-grown cannabis with the SQDC, Quebec’s sole legal retailer of recreational cannabis. Under the agreement, 48North agreed to supply 1,200 kilograms of cannabis to the SQDC from its outdoor farm in Brant County, Ont., and 120 kilograms of indoor-grown cannabis from its facilities in Brantford and Kirkland Lake. Today’s shipment pertains to the 120 kilograms from its indoor facilities.
“48North is looking forward to sharing our high-quality cannabis with Quebec consumers,” said 48North co-CEO Alison Gordon. “Today’s shipment marks a major milestone for the organization. As we look ahead, the company is well prepared to deliver on all of its supply agreements, including ones it has signed with provincial distributors, and looks forward to sharing its products with consumers across Canada.”
By the end of the year, 48North products will be available for retail sale in Ontario, Alberta and Quebec. 48North has committed approximately 5,000 kilograms of cannabis from its three facilities to provincial distributors in 2019.
48North is a vertically integrated cannabis company focused on the health and wellness market through cultivation and extraction, as well as the creation of innovative, authentic brands for next-generation cannabis products. 48North is developing formulations and manufacturing capabilities for its own proprietary products, as well as positioning itself to contract-manufacture similar products for third parties.Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.