48North Cannabis Corp. (“48North” or the “Company”) (TSXV:NRTH), is pleased to announce that on September 13, 2018 the Company’s wholly-owned subsidiary DelShen Therapeutics Corp. (“DelShen”), received a supplemental license from Health Canada for the extraction and production of cannabis oils. This license amendment marks another important milestone achieved towards the Company’s goal of becoming the leading cannabis health and wellness company for the female market.
“We continue to deliver on our business strategy moving towards the production of next generation cannabis-infused products that we believe will be the preferred manner of cannabis consumption for many Canadians in the upcoming legal adult recreation market,” said Alison Gordon, Chief Executive Officer at 48North. “Now that we are equipped with the license to produce cannabis oils, we expect to be well prepared to sell our oil in the adult recreational market upon approval by Health Canada.”
48North will produce its cannabis oils using ethanol extraction to meet the regulator’s strict guidelines and to efficiently and economically scale the production of cannabis-infused products in time for the next phase of legalization, expected in October 2019. Once the Company has produced and inventoried saleable batches of oil, Health Canada will be invited to conduct a final inspection to secure an amendment permitting the sale of cannabis oils.
48North Cannabis Corp. (“48North”) is a TSX Venture Exchange listed company whose wholly owned subsidiary DelShen Therapeutics Corp. (“DelShen”), is a licensed producer of medical cannabis in Canada. 48North 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. Its genetics are grown to exacting standards, ensuring patients can count on receiving the highest-quality cannabis products.
DelShen is regulated by the Access to Cannabis for Medical Purposes Regulations and the facility is located on 800-acres of owned land near Kirkland Lake, Ontario. DelShen’s license to produce cannabis was granted on February 28, 2017, and pertains to the facility, a state-of-the-art, closed-box, 40,000-square-foot building.
DISCLAIMER & READER ADVISORY
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The business of the Company is subject to a number of material risks and uncertainties. Please refer to the Filing Statement and other SEDAR filings for further details. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the Company being able to obtain the necessary corporate, regulatory and other third parties approvals, and licensing and other risks associated with regulated ACMPR entities. The forward looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
For further information: Heidi Christensen Brown, 48North Investor Relations, (416) 848-1389, firstname.lastname@example.org; David Hackett, Chief Financial Officer, 48North, (416) 639 5891 ext 304, email@example.com