48North Closes its $10 million Private Placement, Ready to Deliver on its 100-acre Outdoor Farm

Published: February 7, 2019

48North Closes its $10 million Private Placement, Ready to Deliver on its 100-acre Outdoor Farm

48North Cannabis Corp. announced the closing of its $10,000,000 private placement. Following the completion of the $3,000,000 strategic investment from Canopy Growth Corporation, 48North closed on the additional $7,045,000 from a leading US-based private investment fund, the second and final tranche of its $10,000,000 private placement. The private placement provides capital and liquidity to support the continued expansion of 48North, including the development of its 100-acre farm and large-scale extraction capabilities to significantly increase 2019 production and facilitate the rapid development of innovative, next-generation cannabis products.

“Closing the $10 million private placement marks a significant milestone for 48North, the capital firmly secures the Company’s ability to deliver on its business plan,” said Alison Gordon, co-CEO of 48North. “The funds enable 48North to develop the necessary pre and post production facilities to develop and produce innovative, next-generation cannabis products.”

The leading US-based private investment fund elected to subscribe for Common Units of the Company, in lieu of the previously announced Preferred Unit offering. 48North and the leading US-based private investment fund have entered into an agreement that provides the holder a right to require the Company to repurchase its Common Shares at the Company’s 5-day VWAP if certain provisions concerning confidentiality and restrictions against unlawful U.S operations are breached by 48North.