48North Signs Extraction Partnership and Outdoor Supply Agreement with humble+fume
Under the extraction partnership, humble+fume will build a state-of-the-art cannabis extraction facility and packaging line within 48North's fully-licensed cultivation and processing facility ("Good House") in Brantford, Ontario. This announcement represents a key milestone in the execution of the Company's extraction strategy. Upon completion of the extraction facility, 48North will be able to process over 30,000 kg of cannabis mass annually. The extraction equipment and packaging line will be a shared resource between humble+fume and 48North.
The build-out of the extraction facility and packaging line is expected to be completed in summer 2019 and is being paid by humble+fume.
As a result, 48North's Good House will be fully-equipped to both manufacture and conduct C02 extraction, producing full-spectrum oil, distillates and isolates, all critical ingredients in the development of next-generation, value-added cannabis products, which will be available for retail sale by 48North in October 2019.
48North will be using this equipment to execute on its previously announced licensing agreements with Mother + Clone and Avitas in the manufacturing of their 100% natural additive free, single strain, ultra-refined and purified products.
In addition to the extraction agreement, 48North is also pleased to announce that humble+fume has agreed to purchase 5,000 kg of dried cannabis and 1,000 kg of trim, from its outdoor cultivation site the Good Farm at fair-market value, pending Health Canada approval.
Pending Health Canada approval, 48North will be one of the first Licensed Producers in Canada to have an outdoor cannabis farm ("Good Farm") expected to produce over 40,000 KG of dried cannabis, from over 3.7 million sq. ft. of cultivation space, at a low-cost. 48North expects to plant and harvest cannabis outdoors at its Good Farm in 2019.
48North plans on using a significant portion of its significant outdoor production volume for extracted, value-added products. The build-out of the extraction facility and packaging line at the Good House, guarantees 48North's ability to extract and process its sun-grown organic cannabis for next-generation cannabis products,
said Alison Gordon co-CEO of 48North.
humble+fume was the right partner for us. Not only are they fully funding the build-out of 48North's extraction facility, but in addition, they bring to the table a robust distribution network, R&D expertise, and a management team with significant experience in having designed and operated three large-scale extraction facilities both in the United Statesand in Canada.
48North Cannabis Corp. (TSXV: NRTH) 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. 48North operates two indoor-licensed cannabis production sites in Ontario with more than 86,000 square feet of production capacity. 48North cultivates unique genetics at its wholly owned subsidiaries, DelShen Therapeutics Corp. ("DelShen") and 2599760 Ontario Corp. dba Good & Green ("Good & Green"), both Licensed Producers under the Cannabis Act. In addition, subject to Health Canada approval, 48North expects to operate a 100-acre organic farm providing 48North with organic, sun-grown cannabis securing a significant first-mover advantage in the production of low-cost, next-generation, extract-based cannabis products. 48North has a growing portfolio of brands that include Latitude, a women's cannabis platform (explorelatitude.com), Mother & Clone, a rapid-acting sublingual cannabis nanospray (momandclone.com) and Avitas, a single strain vaporizer cartridge (avitasgrown.com).
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