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.

Recent News

View All News Items

Latest Article

How Database Integrations Can Improve Every Step in Your Cannabis Supply Chain Labeling

How Database Integrations Can Improve Every Step in Your Cannabis Supply Chain Labeling

At any step in the cannabis supply chain, your labeling system should allow for full control and traceability, from seed to sale. Implementing lean principles and labeling best practices across the cannabis supply chain can help you streamline your seed-to-sale labeling process and help you gain control.

Click below to read the full blog and learn how to reduce waste, cut costs, and gain efficiency with cannabis labeling: https://bit.ly/2KwZ5IQ

Read Article