48North Disposes of US-Based Assets Rare Industries, Sackville & Co.

48North Cannabis Corp (TSXV: NRTH) has disposed of its US-based assets as the company refocuses and places a “renewed emphasis on high-quality Canadian products.” The divestment consists of two relatively recent acquisitions within the US cannabis accessories space.

In particular, 48North will be disposing of Sackville & Co. Merchandising, which was acquired only month ago on October 10, 2019, for a total figure of USD$789,735 (C$1.1 million). Sackville at the time of acquisition was described as being a cannabis accessories brand house for women, creating “chic looking” cannabis accessories, such as grinders, by utilizing high-end materials.

48North will also be disposing of Rare Industries, also known as Quill, a multi-state vape technology brand that was acquired at the end of August for a total figure of US$2.1 million (C$2.9 million). While not directly touching any cannabis plant or being involved in any cannabis manufacturing, the firm boasted at the time that as a result of the acquisition, 48North could be referred to as a multi state operator, with sales in Oregon and Washington and near-term plans for California and Nevada.

The assets were sold off for an undisclosed sum to an unidentified party. Charles Vennat, CEO of 48North, described the move as “positioning [48North] to devote ourselves exclusively to the Canadian adult-use market in 2020.” Meanwhile, the company described the move as “sharpening” its focus on the Canadian market.

48North last traded $0.30 on the TSX Venture.


Information for this briefing was found via Sedar and 48North Cannabis Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

Outdoor Cannabis Cultivation Has Arrived in Canada

Outdoor grow is coming to Canada in a hurry. Health Canada, the regulating body for...

Monday, June 3, 2019, 07:00:53 AM

48North To Conduct Financing At $0.21 Per Unit

48North Cannabis Corp (TSXV: NRTH) last night announced that it will be conducting an overnight...

Friday, March 12, 2021, 09:14:21 AM

48North Posts $5.2 Million In Gross Revenue, Loss Of $13.4 Million

48North Cannabis (TSXV: NRTH) this morning reported its third quarter 2021 financial results for the...

Monday, May 31, 2021, 07:22:14 AM

48North CFO Departs Company Effective Immediately

48North Cannabis (TSXV: NRTH) this morning attempted a new means of announcing the immediate departure...

Monday, January 18, 2021, 08:42:52 AM

48North Launches First Topical Product In Ontario

It appears today is the day for a number of new product announcements for the...

Thursday, March 5, 2020, 09:42:29 AM