48North Cannabis Corp (OTCMKTS:NCNNF) Bullish Momentum Strengthens

48North Cannabis Corp (OTCMKTS:NCNNF) has turned bullish after a rollercoaster 2018 that saw it shed a significant amount of market value. The stock continues to outperform the overall cannabis sector, thanks to a solid upward momentum that is showing no signs of exhaustion.

Share Price Analysis

The stock is already up by more than 100% for the year having also breached a critical resistance level on its way to record highs. A spike in share price, as well as trading volume, comes on the company launching cannabis accessories brand F8. The company is also fresh from inking retail supply agreements with Ontario Cannabis store and Tokyo Smoke as it continues to pursue new revenue opportunities.Market sentiments have also inched higher on the company providing a positive outlook for 2019. The company says it is on course to drive industry innovation as well as create new products and experiences all in the effort of pursuing revenue opportunities in the multi-billion industry.Recent developments have helped shore the stock’s sentiments among investors depicted by high turnover in traded shares. After the recent spike to record highs of $0.92, 48North Cannabis looks like pullback plays from current highs. NCNNF Daily ChartPullbacks should experience strong support at the $0.80 level, where the stock looks set to attract more bullish momentum and continue powering high. Sell-offs followed by a close below the $0.80 level would leave the stock susceptible to further drops to the $0.60 level, the next substantial support level.However, the stock looks set to continue climbing the ladder given the strength of the upward momentum, bullish momentum in the overall sector as well as improving fundamentals.

What Does 48North Cannabis Accessories Do?

48North Cannabis Accessories is a vertically integrated cannabis company focused on the production and distribution of cannabis products for the health and wellness market. The company also develops its own formulations as well as manufacturing capabilities for proprietary products. It also operates two indoor-licensed cannabis production sites in Ontario.

Why is 48North Cannabis Accessories Skyrocketing?

48North Cannabis is skyrocketing on unveiling a new line of cannabis accessories dubbed F8. The new product line is designed to offer aesthetic and functional produces for redefining the relationship between cannabis products and accessories involved.The F8 brand will be solely available online at the Ontario Cannabis Store and Tokyo Smoke retail locations across Canada.

"This is the first generation of consumers for whom cannabis is legal, and it is time for accessories to come out of hiding. That is why 48North created F8, a cutting-edge cannabis accessories line that we can feel proud to display, a line of purposeful, versatile and beautiful accessories that bring cannabis accoutrements into highly designed spaces," said Kirsten Gauthier, Chief Marketing Officer of 48North.

In addition to coming up with new cannabis products, 48North Cannabis has also set sights on strengthening its cultivation capabilities. The company has submitted site evidence package to Health Canada as it seeks to gain approval for a 100-acre outdoor cannabis cultivation facility in Brant County Ontario.Approval of the new facility should help supplement cannabis cultivation operations at the 48North’s 5,000kg indoor growing facility in Kirkland Lake and Brantford Ontario. The company is planning to cultivate 40,000kg worth of dried organic cannabis as it looks to cement its position as an industry leader on the development of next-generation cannabis products.

“48North is excited to be leading the way on outdoor cultivation and are committed to developing a best in class licensed farm. 48North's outdoor farm provides a substantial source of production which can meaningfully assist in solving the current supply shortage facing the regulated cannabis industry," said Jeannette VanderMarel, co-CEO of 48North.

What Next For 48North Cannabis

48North Cannabis is an attractive breakout play if recent price action activity is anything to go by. The stock has already breached its 52-week high all but affirming renewed investor interest. The stock should continue to surge on investors taking note of the company’s revamped product line as well efforts by the company to strengthen cultivation capabilities.After the recent spike higher, it might be wise to wait for pullbacks if one doesn't have a position yet. Longer-term, the stock should continue to edge higher on management executing the company’s growth strategy.We will be updating our subscribers as soon as we know more. For the latest updates on NCNNF, sign up below!Disclosure: We have no position in NCNNF and have not been compensated for this article.