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Vertically integrated cannabis company 48North Cannabis Corp. (TSXV:NRTH), announced Thursday it has secured 1,000,000,000 mg of active CBD oil from Iverson Family Farms Inc. via contract.
Per the contract, Iverson is supposed to harvest industrial hemp on 33 acres of land this year in order to supply 48North with high-quality active CBD oil.
The company plans to utilize active CBD oil to help boost its expansion across the U.S. and it will use it for the launch of Quill’s CBD-specific, all-in-one vaporizer pen; the launching of other CBD-based products across the U.S. and B2B sales.
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"48North knows that strategic U.S expansion with a focus on federally legal CBD-derived products is critical to both the long- and short-term success of cannabis companies focused on brand and product for the recreational consumer market.
The Company is laser-focused on securing robust distribution channels, further building and maintaining brand loyalty, and developing an innovative and diverse product offering for the increasingly competitive recreational cannabis market globally," Alison Gordon, CEO of 48North, said in a statement.
Iverson runs one of the biggest vertically-integrated CBD operations in the world, cooperating with some of the largest CBD companies, such as Charlotte’s Web (TSX:CWEB).
The 48North Cannabis’ stock was trading at 78 cents Thursday afternoon.
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