By Dalton Rosario
Pending permit approval from Health Canada, 48North and cannabis cultivator Good & Green will be the first Canadian company merger to grow outdoor cannabis. At a mere fraction of the overhead costs compared to automated indoor greenhouse facilities, 48North will be positioned to produce nearly 100,000 pounds of organic, non-synthetically fertilized cannabis outdoors at 25% the cost of all major Canadian competitors. First crop is expected to be planted in June, with first harvest occurring by October 2019.
According to a recent report released by accounting firm Deloitte, Canada is projected to earn as much as $7B in 2019 from cannabis sales, with adult consumption expected to increase by 35%. No surprise Canadian titan of industry Canopy Growth invested $2.3M in 48North for a 3.6% stake of total shares, issued and outstanding, along with a minimum supply of 2,645 pounds of cannabis over the course of 2019-2020.
