48North Cannabis Corp. (“48North” or the “Company”) is pleased to announce that it closed on January 26, 2018 an upsized $16 million underwritten brokered private placement of units (each a “Unit”) at a price of $1,000 per Unit (the “Offering”), which Offering was previously announced on January 5, 2018. The Offering was led by Eight Capital as the sole underwriter (the “Underwriter”).

Pursuant to the Offering, each Unit was comprised of one senior unsecured convertible debenture with a principal amount of $1,000 (each a “Debenture”) and 556 common share purchase warrants (each a “Warrant”). Each Warrant will entitle the holder thereof to acquire one common share in the capital of 48North (a “48North Share”) at a price of $1.15 for a period of 24 months following the completion of the Company’s previously announced transaction with Kramer Capital Corp (“Kramer”), which shall constitute Kramer’s “qualifying transaction”, as such term is defined in TSX Venture Exchange policy 2.4 (the “Qualifying Transaction”). The Debentures will automatically convert into 48North Shares immediately prior to the completion of the Qualifying Transaction at a price of $0.90 per 48North Share. The Company issued a total of $16,010,000 in principal amount of Debentures and 8,901,560 Warrants.


As a part of the Offering, the Underwriter exercised its over-allotment option for 495 Units. As consideration for its services in connection the Offering, the Underwriter received a cash commission equal to approximately 7% of the aggregate gross proceeds of the Offering and compensation options equal to approximately 7% of the aggregate gross proceeds of the Offering divided by $0.90. Each compensation option is exercisable for one unit of 48North (a “Compensation Unit”) at an exercise price of $0.90 until the date that is 24 months following the completion of the Qualifying Transaction, with each Compensation Unit being comprised of one 48North Share and one-half of one Warrant.

The Company intends to use the net proceeds of the Offering to fund the Company’s business plan, for Qualifying Transaction expenses, and for working capital and general corporate purposes.

Please refer to Kramer’s news release dated January 5, 2018 for further details on the Qualifying Transaction.

All securities issued in the Offering are subject to an indefinite statutory hold period in accordance with Canadian securities laws. In connection with the completion of the Qualifying Transaction, all securities of 48North will be exchanged for securities of the entity resulting from the completion of the Qualifying Transaction (the “Resulting Issuer”) on an economically equivalent basis. Subject to TSX Venture Exchange approval and certain limited exceptions relating to control distributions, the Resulting Issuer securities issuable in exchange for the equivalent 48North securities are expected to be free-trading upon closing of the Qualifying Transaction.

About 48North

48North is a vertically integrated cannabis company. Its first ACMPR licensed facility is located on 800 acres of owned land near Kirkland Lake, Ontario, and is operated by its wholly-owned subsidiary, DelShen Therapeutics Corp. (“DelShen”). DelShen is authorized by Health Canada as a licensed producer of cannabis for medical purposes pursuant to the ACMPR. The company grows unique genetics sourced from MariPharm B.V., a Netherlands based phytopharmaceutical company with over 25 years of experience in the research and cultivation of cannabis for medical purposes. The genetics are grown to exacting standards in DelShen’s state-of-the-art, closed box facility, ensuring patients can count on receiving the highest quality cannabis products. 48North’s values are rooted in the land they are planted on, and the company has entered into a first of its kind Community Benefits Agreement with certain of its First Nations investors.

Forward Looking Statements

When used in this news release, words such as “will”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should,” and similar expressions, reflect forward-looking statements. Forward-looking statements may include, without limitation, statements in relation to the anticipated completion of the Qualifying Transaction and anticipated use of proceeds of the Offering and other statements that are not statements of fact.

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties. Such risks and uncertainties include: completion of the Qualifying Transaction; intended use of proceeds of the Offering; dependence on obtaining regulatory approvals; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth due to inconsistent public opinion and perception of the medical-use marijuana industry; and regulatory or political change. As a result of these risks and uncertainties, the results or events predicted in such forward-looking statements may differ materially from actual results or events.

Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.

There can be no assurance that such forward-looking statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.

Contact Information

Alex Blumenstein

416-275-2911

alex@48northmj.com

Source: globenewswire.com

  • Company surpassed 5,600 patient prescriptions for its medical cannabis products in Colombia . Prescriptions filled increased over 450% in Q3 2020 over Q2 2020
  • Khiron declared a National Strategic Project by the Government of Colombia , simplifying and accelerating administration and processes for the Company in executing strategic projects in Colombia and for export
  • Subsequent to the quarter, the Company completed a bought deal financing on November 26, 2020 , selling 32,200,000 units at a price of $0.45 per unit for aggregate gross proceeds of $14,490,000 CAD
  • Khiron signed partnerships with 15 clinics and health centres in Colombia , extending education and sales reach further across the country
  • As a result of the Company’s Doctor Zerenia TM telehealth platform more than 25% of the Company’s medical cannabis prescriptions came from outside of Bogota , expanding geographic presence of its Colombian clinics
  • Company achieved first sales of High CBD medical cannabis through private pharmacies in Peru . Additional approval received from Peru’s drug regulatory authority for Company’s High THC cannabis, with first prescriptions anticipated in Q1 2021
  • Expanded medical cannabis E-Learning platform to UK market in partnership with Medical Cannabis Clinicians Society (“MCCS”)
  • Entered an exclusive partnership with Rappi SAS, Latin America’s largest home multi-vertical app platform to distribute the Company’s CPG product portfolio, introducing Kuida products to Rappi users across the LatAm region
  • Signed agreement to distribute the Company’s Kuida TM CBD skincare brand through pharmacy, beauty retail and online markets serving the Hong Kong territory, with first orders expected in Q4 2020
  • Prudent cash use of $5 million in Q3 2020, compared with $4 million in Q2 2020, $12 million in Q1 2020 and $10 million in Q4 2019

 Khiron Life Sciences Corp. (“Khiron” or the “Company”) (TSXV: KHRN ), (OTCQX: KHRNF), ( Frankfurt : A2JMZC), a vertically integrated cannabis leader with core operations in Latin America and Europe announced today its financial results for the quarter ended September 30, 2020 . These filings are available for review on the Company’s SEDAR profile at www.sedar.com All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.

Keep reading... Show less
  • Q3 Systemwide Pro Forma Revenue increased 18% quarter-over-quarter to $22.3 million , 170% year-over-year – Company became cash flow positive from operations in August
  • Company sale leaseback transaction with Innovative Industrial Properties scheduled to close within two weeks. As a result of close, together with proceeds from the recently closed bought deal financing, the Company will have $16 million of cash and $43 million in long-term debt
  • Company is in the process of acquiring acreage to construct up to 210,000 square feet of flowering canopy and supporting manufacturing facility in Cook County, Illinois to exponentially increase capacity in state
  • Initial guidance for 2021 with Systemwide Pro Forma Revenue of $170 -180 million and Adjusted EBITDA of $40 -50 million
  • The Company’s existing projects at maturity represent a long-term revenue and EBITDA opportunity upwards of $650 million and $250 million

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (” 4Front ” or the ” Company “) today announced its financial results for the third quarter of 2020. All financial information is presented in U.S. dollars unless otherwise indicated.

Third Quarter 2020 Financial Results Highlights

Keep reading... Show less
  • Q3 Systemwide Pro Forma Revenue increased 18% quarter-over-quarter to $22.3 million , 170% year-over-year – Company became cash flow positive from operations in August
  • Company sale leaseback transaction with Innovative Industrial Properties scheduled to close within two weeks. As a result of close, together with proceeds from the recently closed bought deal financing, the Company will have $16 million of cash and $43 million in long-term debt
  • Company is in the process of acquiring acreage to construct up to 210,000 square feet of flowering canopy and supporting manufacturing facility in Cook County, Illinois to exponentially increase capacity in state
  • Initial guidance for 2021 with Systemwide Pro Forma Revenue of $170 -180 million and Adjusted EBITDA of $40 -50 million
  • The Company’s existing projects at maturity represent a long-term revenue and EBITDA opportunity upwards of $650 million and $250 million

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (” 4Front ” or the ” Company “) today announced its financial results for the third quarter of 2020. All financial information is presented in U.S. dollars unless otherwise indicated.

Third Quarter 2020 Financial Results Highlights

Keep reading... Show less

Shareholders with losses exceeding $50,000 are encouraged to contact the firm

The Law Offices of Frank R. Cruz reminds investors of the upcoming December 1, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Aurora Cannabis, Inc. (“Aurora” or the “Company”) (NYSE: ACB ) securities between February 13, 2020 and September 4, 2020 , inclusive (the “Class Period”).

Keep reading... Show less

Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce the launch of preclinical research studies using psilocybin and N-Acetylcysteine (“NAC”) for the treatment of mild traumatic brain injuryconcussion (“mTBI”) with post-traumatic stress disorder (“PTSD”). The study is in collaboration with a multidisciplinary team of scientists and physicians at the University of Miami Miller School of Medicine under the lead of Michael E. Hoffer, M.D., professor of otolaryngology and neurological surgery.

NAC has been shown to be safe and efficacious in a phase I human clinical study in treating military personnel who had suffered mTBI. The initial research focus is to demonstrate the safety and efficacy of the combination of psilocybin and NAC using broadly accepted rodent models. Final results are expected in 2021. Once this is established, more specific work can examine dose response, medicine uptake, and medicine levels. The research team at the Miller School of Medicine has conducted prior studies involving NAC with mTBI and has a license from the United States Drug Enforcement Administration to conduct research using Schedule I controlled substances, which includes psilocybin.

Keep reading... Show less