48North Cannabis Corp.
The Ontario-based firm has an outdoor organic cannabis farm in Brantford and it has the capacity to produce 40,000 kg of flower per year. 48North claims it will achieve the lowest cost per gram in the country.
The first harvest is due in August and the second will arrive in October. It is expanding the capabilities at its indoor facility – located 10 minutes away – as it prepares to receive the first batch of marijuana from its farm.
The process of converting it and expanding its capabilities is underway. This will allow it to save money in the long run by taking more operations in-house, while also reducing its carbon footprint.
“48North is steadfast in its commitment to outdoor-grown cannabis, and as a company we know that low-cost, environmentally friendly cultivation, for both next-generation products and the dried-flower market, is the way of the future,” said co-chief executive Jeannette Vandermarel.
It has also teamed up with a company called humble+fume to build an extraction facility that can process more than 30,000 kg of cannabis per year. This will allow it to produce oils, distillates and isolates that can be converted into edibles and other concentrates.
The Canadian market will open up for such products in October and the first brands are due to hit shelves in December. 48North is confident it will have products to bring to market by the end of the year.
Going forward, the company plans to tie up licensing deals with interesting producers or purchase them to expand its footprint in the burgeoning cannabis industry.
The company’s share price has gone from $0.53 on Dec. 24, 2019, to $0.83 when trading opened today, an increase of 56.6%.
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