48North Cannabis Signs Supply Agreement With AGLC

Canadian cannabis company 48North Cannabis Corp (OTC: NCNNF) announced signing an agreement with Alberta Gaming, Liquor & Cannabis for supply of cannabis.

What Happened

Under the terms of the supply agreement, 48North Cannabis will provide 2,460 kilograms of cannabis to AGLC, Alberta's wholesaler of recreational weed. The dried cannabis will come from the company's outdoor facility in Brant County, Ontario. In addition, it will supply cannabis products such as pre-rolls from its indoor facilities in Brantford and Kirland Lake.

The deal with AGLC is 48North's second supply agreement. In February, the company signed an agreement with the Société québécoise du cannabis (SQDC) to supply it with 1,200 kilograms of dried cannabis from its outdoor farm.

Why It's Important

In Canada, cannabis is being sold mostly through government-controlled enterprises. The agreement with AGLC allows 48North to enter the Alberta cannabis market. It will be the first company to deliver outdoor grown cannabis in the province.

48North's outdoor cultivation is estimated to produce 40,000 kilograms of organic sun-grown cannabis on a cultivation space of around 3.7 million square feet. The facility is pending approval from Health Canada. Earlier this month, the company received Confirmation of Readiness from the regulator.

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