Toronto-based 48North is set to begin trading on Monday on the TSX Venture Exchange with the symbol NRTH. Led by Chief Executive Officer Alison Gordon, this cannabis company is a vertically-integrated house of brands focused on
women’s health and wellness.
So far the company has raised $27M between 2014-2016 via non-brokered private placements. $16M was raised in January 2018 via
bought deal private placement of units. It is going public transaction by way of three-cornered amalgamation with Kramer Capital Corp., a capital pool company listed on the TSX Venture Exchange
“48North is a future-focused company on track to serve the female health and wellness cannabis market with innovative next-generation products and brands,” said CEO Alison Gordon. “As Canada’s first female CEO of a now publicly-traded licensed producer of cannabis, 48North will provide an intrinsic and authoritative view to a valuable demographic that is currently underserved in this industry.”
It is the parent company of DelShen Therapeutics Corp., an ACMPR licensed producer with a 40,000 sq ft state-of-the-art facility in Kirkland Lake, ON with 2,500 kg/yr production capacity. In addition to that, it has 800 acres of owned land with a two-phase expansion
plan for an additional 200,000 sq ft with 40,000 kg/yr production capacity.
“In addition to our market position, we have an exciting and unique strategy that aims to leverage 48North’s cultivation facilities with our expertise in the consumer packaged goods space,” continued Ms. Gordon. “The TSXV was built to facilitate entrepreneurial companies like us and within this reputable and highly regulated environment, our public listing will increase visibility and access to capital, while providing liquidity for our shareholders.”
As of March 31, 2018, 48North has C$14 million in cash, no outstanding debt and approximately 77 million shares outstanding. The company said in a statement that its goal is to have licensed CPG products available in Canadian retail upon legalization of adult recreation in accordance with the Cannabis Act.
While the company stated it is targeting the female market, there was little information as to the products it plans to produce.