- Pure Extracts Technologies recently provided update into its expansion into functional mushrooms sector
- Functional mushrooms have enjoyed surge in popularity as of late, are increasingly being used in wide variety of healthcare, pharmaceutical products
- Functional mushrooms sector is expected to grow to annual market value of $34.4 billion by 2024
- Pure Extracts plans to develop high bio-available products derived from functional mushrooms through use of its proprietary extraction processes
- Company also set to launch its own branded functional mushrooms-based products under ‘Pure Mushrooms’ brand from Q1 2021 onwards and has signed a LOI with the PURICA(TM) brand of mushroom wellness products
Pure Extracts Technologies (CSE: PULL) (XFRA: A2QJAJ), a plant-based extraction company focused on the cannabis, hemp, and functional mushroom sectors, recently updated investors on its expansion into the functional mushroom wellness sector, which have built upon its existing ventures. One such venture, initiated in December, is its extraction tolling business – a process through which cannabis and hemp biomass is converted into THC and CBD oil.
Functional mushrooms can be defined as a modified type of mushroom variety with added benefits relative to traditional mushroom varieties, often boasting extremely high nutritional profiles and possessing a number of medicinal and flavor-enhancing benefits. The sector has enjoyed a remarkable upsurge in popularity as of late, with functional mushrooms increasingly used in a wide variety of healthcare and pharmaceutical products; this in turn has increased the applicability of these mushrooms in the food and beverage sector as well as their use as a functional ingredient incorporated into health supplements.
The rise in popularity of functional mushrooms has been coupled by increased institutional interest in the field of psychedelics in general, with a focus on promising mushroom varieties such as psilocybin specifically – with psilocybin being considered for treatment options including depression, anxiety, PTSD, bipolar disorder, Alzheimer’s disease and addiction.
In fact, a recent study carried out by Mordor Intelligence, which delved deeper into the evolving consumption trends and uses being attributed to the product, forecast that the functional mushroom sector would grow at a CAGR of 8% between 2019 to 2024 (https://cnw.fm/JJNzc), rising to a value of $34.4 billion by the end of 2024.
Pure Extracts, seeking to capitalize on the growing interest within the sector, has expanded its business model to include mushroom formulations using extraction processes which have proven compatible with the Company’s existing infrastructure. Working in conjunction with the Company’s scientific advisor—Dr. Alexander MacGregor, founder of the Toronto Institute of Pharmaceutical Technology—Pure Extracts plans to develop high bio-available products and novel delivery methodologies, which will include tinctures, pills, capsules and edibles.
This experience will be exceptionally valuable to Pure Extracts as it prepares to enter the psychedelic mushroom market, especially given the recent December 8th announcement that 17 healthcare professionals associated with TheraPsil, a non-profit, patient-rights advocacy group, have been approved by the Federal Canadian Health Minister, Patty Hajdu, to possess and use psilocybin for professional training in psilocybin therapy. The approved healthcare professionals include psychologists, psychiatrists, clinical counselors, social workers, general practitioners, and nurses. These approvals were granted through exemptions to section 56(1) of the Canadian Drugs & Substances Act.
Moving further, Pure Extracts will also seek to expand its portfolio of branded functional mushroom-derived products under the ‘Pure Mushrooms’ brand name. The products are believed to boost memory, provide immune system support or reduce stress, and they will be marketed from Q1 2021 onwards via direct-to-consumer sales through Pure Extract’s e-Commerce web portal.
“Moving into the field of mushroom extractions is an obvious and exciting opportunity to leverage our advanced technology and proven capabilities,” commented Pure Extracts CEO Ben Nikolaevsky in regards to the commercial potential of the Company’s expansion into the functional mushroom sector. “We look forward to launching our functional products commercially within the next few months and can’t help but see the similarities to the cannabis sector regarding the pathways to both medical and recreational legalization. I believe our ability to immediately begin working in this burgeoning sector will create immense value for our business, our stakeholders, partners and shareholders alike” (https://cnw.fm/Lzpg3).
For more information, visit the company’s website at www.PureExtractsCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to PULL are available in the company’s newsroom at https://cnw.fm/PULL
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