TORONTO, July 02, 2019 (GLOBE NEWSWIRE) -- Pierre Caland of Ruttimattstrasse 16, Gstaad, Switzerland, 3780, announces that he has acquired indirect ownership and control of an aggregate of 6,200,000 common shares ("Shares") of 48North Cannabis Corp. (TSXV: NRTH) (the "Reporting Issuer") as follows (the "Purchases"):



The purchase that gave rise to the obligation to file this Press Release was the assumption of direction and control through an inheritance of 6,000,000 Shares; and





Subsequent purchases were made through the facilities of the TSX Venture Exchange for a total of 200,000 Shares consisting of 100,000 Shares each made on June 27, 2019 and June 28, 2019, at an average price of $0.81 per Share.

The details of Mr. Caland’s interests in the Reporting Issuer following the Purchases are as follows:

Wallington Investment Holdings Ltd. (" Wallington ") owns 12,657,145 Shares, or approximately 7.5% of the issued and outstanding Shares on a non-diluted basis;





") owns 12,657,145 Shares, or approximately 7.5% of the issued and outstanding Shares on a non-diluted basis; Bomoseen Investments Ltd. (" Bomoseen ") owns 3,000,000 Shares, or approximately 1.8% of the issued and outstanding Shares on a non-diluted basis;





") owns 3,000,000 Shares, or approximately 1.8% of the issued and outstanding Shares on a non-diluted basis; St.Cloud Investments, Ltd. ("St.Cloud") owns 3,000,000 Shares, or approximately 1.8% of the issued and outstanding Shares on a non-diluted basis; and





Karvana Limited ("Kavarna") owns 12,513 Shares, or approximately 0.1% of the issued and outstanding Shares on a non-diluted basis.



Mr. Caland is the ultimate sole beneficial shareholder of, and exercises complete voting control and direction over, Wallington, Bomoseen, St.Cloud and Karvana.

Prior to the Purchases, Mr. Caland had beneficial ownership and control of an aggregate of 12,469,658 Shares, representing approximately 7.4% of the issued and outstanding Shares on a non-diluted basis. Immediately following the Purchases, Mr. Caland has beneficial ownership and control of an aggregate of 18,669,658 Shares, representing approximately 11.1% of the issued and outstanding Shares on a non-diluted basis.

The Shares are being held for investment purposes. In the future Mr. Caland may, depending on market and other conditions, increase or decrease his beneficial ownership of securities of the Reporting Issuer.

For further information or to obtain a copy of the relevant early warning report, please contact:

Dennis H. Peterson

Peterson McVicar LLP

18 King Street East, Suite 902

Toronto, Ontario M5C 1C4

Telephone: (416) 777-6772

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.