Groupe Lune Rouge Holdings in Securities of 48North Cannabis Corp.

/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/

MONTRÉAL, May 22, 2019 /CNW Telbec/ - Groupe Lune Rouge Inc. ("Lune Rouge") announces today that it beneficially owns and controls 16,500,909 common shares (the "Common Shares") in the share capital of 48North Cannabis Corp. (the "Company"), representing less than 10% of the issued and outstanding Common Shares.

On May 22, 2019, Lune Rouge disposed of 50,000 Common Shares (the "Disposition"), resulting in a change of 0.03% to Lune Rouge's securityholding percentage in the Common Shares. The Common Shares were disposed of through the facilities of the TSX Venture Exchange at a price of $1.13 per Common Share, for a total value of $56,500.

Immediately prior to the completion of the Disposition, Lune Rouge held 16,550,909 Common Shares, representing 10.01% of the issued and outstanding Common Shares. Immediately following completion of the Disposition, Lune Rouge owned 16,500,909 Common Shares, representing 9.98% of the issued and outstanding Common Shares.  

Lune Rouge completed the Disposition for investment purposes, and may in the future increase or decrease its ownership, control or direction over the shares or other securities of the Company, through open market or privately negotiated transactions, public offerings or otherwise. Any such transactions may be effected at any time or from time to time subject to applicable law, and will depend on a variety of factors, including, without limitation, the market price of the Company's securities, Lune Rouge's investment strategies, subsequent developments affecting the Company, the Company's financial condition, business, operations and prospects, other investment and business opportunities available to Lune Rouge, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by Lune Rouge. Other than as noted above, Lune Rouge does not have any further plans or future intentions in respect of the Company or the securities of the Company.

A copy of Lune Rouge's related early warning report will be filed with the applicable securities commissions and will be made available on SEDAR at www.sedar.com, a copy of which may be obtained by contacting Catherine Vu, Secretary-Treasurer, Groupe Lune Rouge Inc., at (514) 556-2113, cvu@lunerouge.com.

About Lune Rouge

The guiding principle of Lune Rouge, founded in 2015, is to promote innovation, creativity and entrepreneurship. The company develops projects and invests in funds with a focus on technology, arts, entertainment and real estate, as well as on initiatives that generate positive social and environmental impacts.

SOURCE Groupe Lune Rouge