Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

First Canadian Outdoor Cannabis Growing Operation Gets Going

Stock MarketsMay 30, 2019 02:04PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - The first licensed outdoor cannabis growing operation in Canada, which is estimated to be the biggest in the world, is preparing to go into operation this week in southern Ontario.

After receiving final approval from Health Canada earlier this month, the 100-acre cultivation site in Brant, near Hamilton, operated by 48North Cannabis (TSXV:NRTH) is expected to produce about 40,000 kilograms of dried cannabis. 48North, which is headquartered in Toronto, also has two indoor growing facilities, one in Kirkland Lake, Ont. and another in Brantford, Ont.

The company’s outdoor facility, known as Good Farm, will allow it to produce cannabis at the lowest cost per gram in the country.

“Receiving the outdoor cultivation licence from Health Canada for our Good Farm is an absolute game-changer for 48North and the cannabis industry,” said co-CEO Jeannette VanderMarel in a statement. “Overnight, the company expands its annual expected capacity from 5,000 kilograms to over 45,000 kilograms. As a result, I am confident that 48North will deliver on its promise to produce high-quality, low-cost organic cannabis for the next-generation of cannabis products and the dried flower market.”

The outdoor facility will not only drive down the cost of growing the plants compared to indoor growing facilities, it allows for the production of larger and taller crops, increasing the yield from each plant.

“They call it weed for a reason,” VanderMarel put it in a television interview.

The growing area will be tightly secured. Surrounded by fencing, the fields will also be equipped with motion sensors and about 100 cameras.

With its expanding operation now going into production, 48North will be looking to fulfill the commitment it has made after signing three recent agreements, including a contract to supply 1,200 kilograms dried cannabis from its fields to the Société québécois du cannabis, the exclusive government controlled distributor in Quebec; an agreement to supply 2,460 kilograms to the Alberta Gaming, Liquor and Cannabis Corp, the official crown corporation wholesaler in that province; and 6,000 kilograms to Humble + Fume, a leading distributor of cannabis accessories in Canada.

Shares of 48North spiked to an all-time high earlier this month on news of the approval of the outdoor growing licence, jumping to C$1.25, a 24% jump, but later dropped in the following two weeks. Today, they were trading at C$1.01, flat on the day and 2 cents above the value before the announcement of the company securing its outdoor-growing licence. Traded on the American OTC market, shares (OTC:NCNNF) in the U.S. were up 1.4%.

First Canadian Outdoor Cannabis Growing Operation Gets Going
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email