48North Cannabis Corp. provides update on sales license application

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TORONTO, May 29, 2018 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") today provided an update on the recent Health Canada inspection at DelShen Therapeutics Corp. ("DelShen"), its ACMPR licensed cultivation facility located near Kirkland Lake, Ontario. This is an important milestone towards completing DelShen's sales license approval in order to sell cannabis flower and oils. The inspection was held on May 24, 2018, following Health Canada's initial inspection that took place via an online web conference on March 16, 2018.

"Our team at the facility has been working diligently to meet Health Canada's standards and regulations," said Alison Gordon, Chief Executive Officer at 48North. "We're excited to move into the next phase of our growth."

48North's Kirkland Lake facility is a state-of-the-art indoor grow facility with production capacity of approximately 2,500 kilograms per year. An expansion of the facility is planned over two-phases that would achieve 40,000 kilograms per year production capacity. The facility is currently licensed to cultivate medical cannabis.

About 48North

48North is a private, vertically integrated cannabis company with 150 shareholders. It is the parent company of DelShen Therapeutics Corp., an ACMPR-licensed facility located on 800 acres of owned land near Kirkland Lake, Ontario. 48North grows unique genetics sourced from MariPharm, 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 Therepeutics Corp. is authorized by Health Canada as a licensed producer of dried and fresh cannabis and cannabis oil for medical purposes pursuant to the ACMPR. DelShen's license to produce cannabis was granted on Feb. 28, 2017, and pertains to the facility, a state-of-the-art, closed-box, 40,000-square-foot building with an additional 200,000 square feet of production space planned within the current security perimeter.

Forward-looking statements

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.

SOURCE 48North Cannabis Corp.