Mr. David Hackett reports

48NORTH ACCELERATES WARRANT EXPIRY DATE, GROSS PROCEEDS TO THE COMPANY WILL TOTAL AN ESTIMATED $13,500,000

48North Cannabis Corp. is accelerating the expiry of certain common share purchase warrants, bearing an expiration date of Dec. 2, 2020.

The certificate evidencing the warrants provided for acceleration in certain circumstances, which were met with the closing of the $28.75-million bought deal public offering of units on April 2, 2019. Accordingly, warrant holders were provided with notification that any warrants that were not exercised before 5 p.m. ET on May 2, 2019, being the 30th day following the occurrence of the acceleration event, would expire and be cancelled.

Accordingly, if all of the remaining outstanding 18,038,090 warrants available after the April 2, 2019, acceleration date are exercised, gross proceeds to the company will total $13,528,567.

About 48North Cannabis Corp.

48North is a vertically integrated cannabis company focused on the health and wellness market through cultivation and extraction, as well as the creation of innovative, authentic brands for next-generation cannabis products. 48North is developing formulations and manufacturing capabilities for its own proprietary products, as well as positioning itself to contract manufacture similar products for third parties. 48North operates two indoor licensed cannabis production sites in Ontario with more than 86,000 square feet of production capacity.

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