48North Cannabis (TSXV:NRTH) announced a business partnership with humble+fume to develop a facility and secure a purchase order.
As quoted in the press release:
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 [kilograms] 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.
In addition to the extraction agreement, 48North is also pleased to announce that humble+fume has agreed to purchase 5,000 [kilograms] of dried cannabis and 1,000 [kilograms] of trim, from its outdoor cultivation site the Good Farm at fair-market value, pending Health Canada approval.
“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.