TORONTO, Aug. 29, 2019 /CNW/ – 48North Cannabis Corp. (“48North” or the “Company”) (TSXV: NRTH) is pleased to announce that it has closed the previous announced definitive agreement dated August 22, 2019 (“Definitive Agreement”) to acquire Rare Industries, Inc. (“Quill”), a U.S. multi-state Vape Technology brand (“Acquisition”) with product distribution in Oregon and Washington and near-term expansion plans for California and Nevada. The acquisition marks 48North’s first foray into the United States.
Quill, a leader in the manufacturing of beautifully designed, lifestyle-focused and sleek vape products, specializes in the development of easy-to-use, controlled-dosage and health-focused disposable vape pens.
Quill distributes its unfinished branded proprietary vape delivery hardware to licensed cannabis processors who finish the products (including by filling the hardware with cannabis extracts) and distribute the finished products to licensed cannabis retailers. Quill is not itself engaged in the cultivation, distribution or possession of cannabis in the United States.
This year, in addition to Quill’s established products, the company is launching a full-spectrum, hemp based, CBD-specific, internationally distributed, all-in-one vaporizer pen. As a result, 48North-owned products will now have multi-state distribution and the ability to be licensed globally, where legally permitted.
48North recognizes the importance of entering the burgeoning U.S market. I believe that authentic brands and next-generation products distributed at scale, particularly in the emerging U.S. market, will be one of the major keys to success in the cannabis industry.
Alison Gordon, co-CEO of 48North
Without question, the Quill suite of products aligns closely with 48North’s growing portfolio of brands. This acquisition marks a critical step in the Company’s goal to become the trusted leader in the development, manufacturing and distribution of next-generation cannabis products and brands.
“48North’s industry-leading focus on next-generation cannabis products and its brand-first consumer strategy will undoubtedly elevate Quill, its brand and products to the next-level. The U.S-based Quill team is eagerly looking forward