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Saturday, May 21, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

The weed wire

48North inks distribution deal with Shoppers Drug Mart

Deal brings newly-launched topical to national medical market

48North inks distribution deal with Shoppers Drug Mart
48North Cannabis Corp. outdoor grower plants final cannabis plant at Good:Farm in Brant County, Ontario (CNW Group/48North Cannabis Corp.)

Medical cannabis patients filling prescriptions through Shoppers Drug Mart can now buy 48North Cannabis Corp. (TSXV: NRTH) products.

A supply deal inked between Toronto’s 48North and Medical Cannabis by Shoppers Drug Mart, a wholly owned subsidiary of Loblaw Companies Ltd., will introduce medical patients to the Toronto-based producer’s lineup, starting with a 1:1 CBD to THC cream, the company said in a statement Thursday.

Read more: Manulife’s Shoppers-only medical cannabis coverage violates patient ethics: doctor

Apothecanna by 48North, a peppermint body cream with 25 milligrams of both THC and CBD, is a brand-new product launched on Tuesday as Ontario’s first legal topical. The 60 gram package sells for $27 on the OCS.

This product is part of a partnership with Apothecanna, a popular American topical brand that focuses on non-GMO and paraben-free ingredients, 48North said.

“Partnering with trusted brands like Medical Cannabis by Shoppers has been a cornerstone of 48North’s growth plan since the beginning,” 48North CEO Charles Vennat said. “The Company continues to sign agreements and build meaningful partnerships with a collection of the most beloved and trusted brands in Canada.”

“48North can now truly say that its brand and products are available across the country,” Vennat said.

Investors reacted warmly to the news, with company shares up 5.7 per cent to $0.18 on Thursday.

This supply deal comes on the heels of another national distribution agreement.

In February, 48North partnered with Indigo Books & Music Inc., to curate cannabis-related accessories for Indigo’s online gifting platform, Thoughtfull. As Indigo’s exclusive cannabis curator, the vertically integrated producer took on the responsibility of choosing what cannabis cook books, rolling papers and other weed accessories the bookstore should stock.

“Partnering with brands is critical to breaking down the stigma around cannabis. 48North applauds Thoughtfull for embracing the Canadian cannabis industry,” CMO Kirsten Gauthier said in a statement.

Top image of the final cannabis plant being put in the ground for 48North’s outdoor cannabis facility in Brant County, Ontario. Press photo

 

michelle@mugglehead.com

@missmishelle

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