48North divests two U.S. brands to focus on Canadian market
May 22, 2020 By Grow Opportunity staff
48North Cannabis Corp. will divest Rare Industries Inc., a U.S. vape technology brand, and Sackville & Co. Merchandising Ltd., a U.S.-based cannabis accessories brand.
Both U.S. companies will be returning to its previous owner as the Toronto-based company looks to refocus its resources onto the Canadian market. 48North CEO Charles Vennat said the move to focus on its Canadian partnerships has always been the plan since he assumed the role in March, after former CEO Alison Gordon‘s sudden departure.
“In one of my first public statements as 48North’s Chief Executive Officer, I committed to focusing on our strengths: high-quality products, low-cost outdoor cultivation, and a brand that resonates with Canadian consumers,” said Vennat in a statement on May 22. “Today’s update is a demonstration of that focus, positioning us to devote ourselves exclusively to the Canadian adult-use market in 2020.”
In the past few months, 48North has announced a series of new partnerships:
- The launch of Ontario’s first cannabis topical brand, Apothecanna (March 5);
- The launch of 48North’s first vaporizer products, Avitas, in Ontario retail stores across the province (March 26);
- The signing of a supply agreement with PAX Labs (Canada) Inc. to develop two brands of 48North cannabis vape products to meet different design and price needs (April 1);
- The launch of 48North’s first accessible dried flower brand in Quebec, Fleur du Jour (April 22) and;
- The signing of a key supply agreement with Medical Cannabis by Shoppers Drug Mart (May 7).
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