48North Cannabis Corp. Acquires Good & Green for Next Generation Cannabis Products
November 8th, 2018
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In late October of this 2018, 48North Cannabis Corp. (TSX-V: NRTH) entered into a binding letter agreement to acquire all issued and outstanding common shares of privately-held Good & Green, a socially-responsible, organic cannabis brand. Combined with a variety of vertically integrated partnerships, investors are keen to watch the movement of 48North as it takes command as a leader in both cannabis manufacturing and consumer packaged goods.
Good & Green
The acquisition provides an additional 46,000 square feet of licensed indoor cultivation and manufacturing facility, situated on five-acres of land in Brantford, Ontario. This site has an initial production area of 14,000 square feet and another 25,500 square feet will be immediately available for additional indoor cultivation. The site will also create a laboratory designed for pre and post-production that will precipitate large-scale extraction and next-generation product, research, and development. The Brantford indoor facility is expected to produce 2,500 kilograms of dried cannabis in 2019.
This significant production footprint will add to 48North’s existing licensed facility in Kirkland Lake, Ontario, and projects the Brantford-area farm to boost production to an expected 40,000 kilograms of sun-grown cannabis in 2019.
Good & Green’s senior team, including Jeannette VanderMarel and Daniel Goldberg, have been involved in the MMPR/ACMPR/Cannabis Act since its inception. Together they have 12-plus years of experience and have developed over a million square feet of federally licensed cannabis cultivation space.
Goldberg, co-founder and current CEO of Good & Green, is pleased to be combining forces with 48North, a company that he says “shares our commitment to the highest environmental, social and governance standards, to developing high-quality and consistent products and to achieving best-in-class financial performance.”
VanderMarel, co-founder and President of Good & Green who was a co-founder as well of The Green Organic Dutchman (TGOD), is just as enthusiastic: “48North continues to be a leader in developing cannabis brands and products with a future-focus that looks beyond flower and oil. We look forward to adding our expertise and significant low-cost organic production profile to further develop this dynamic and innovative vertically-integrated cannabis company.”
After closing of the acquisition, set for late November, VanderMarel will join the Board of Directors of 48North and become co-CEO. Goldberg, assigned as Senior Advisor, will focus on strategy, business and corporate development, strategic partnerships, communications, as well as investor and government relations for 48North.
48North’s assets also include a license by Health Canada for cultivation, sales, and extraction of cannabis by using unique genetics sourced from MariPharm B.V. As holder of the first cannabis cultivation license in the Netherlands and as member of the International Cannabinoid Research Council for 20 years, Maripharm B.V. has been researching the application and effects of medical cannabis in partnership with governments and universities for over 25 years. With a large-scale, sun-grown 100-acre outdoor farm, MariPharm B.V. brings expertise and experience to 48North by creating compliant, consistent, and distinctive CBD and THC products.
48North’s Growing Portfolio
Currently 48North has a growing portfolio of brands that include Latitude, a women’s cannabis platform; DelShen Therapeutics Corp., the company’s existing wholly-owned Licensed Producer; and Mother & Clone, producers of a rapid-acting sublingual cannabis nanospray.
The opportunity to leverage a combined portfolio of authentic, socially responsible, high-quality cannabis brands, along with the diversity and range of brands, will increase access to multiple demographic segments through complimentary values-driven brands.
Playing By The Numbers
48North Cannabis Corp targets production cost at $0.25 per gram, a cost basis that is currently a fraction of the lowest-cost producer.
With strong access to immediately available capital, the concurrent financing from this acquisition provides liquidity to support the continued expansion of both companies (including the development of Good & Green’s 100-acre farm). The anticipated large-scale extraction capabilities should significantly increase 2019 production and facilitate the rapid development of innovative, next-generation cannabis products.
48North Cannabis Corp. (TSX-V: NRTH) cultivates premium cannabis products for the health and wellness market. The company partners with leading consumer-packaged companies in the food, beverage, cosmetic, and skincare market. By leveraging a well-arranged supply chain, 48North is prepared to take a commanding lead in the formulation, production, and distribution of next generation cannabis-infused products.
As a future-focused cannabis company, 48North’s objective addresses female-driven health and wellness issues, but also looks to serve future advancements in the cannabis industry through the development and manufacturing of proprietary products and brands for a variety of consumers.
Please click here to see the company’s Investor Kit.
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