- Pure Extracts’ BC facility is fully operational, ready to meet increasing demand for cannabis-based gummies, vapes, white label products
- Company’s involvement in functional, psychoactive mushrooms space is also gaining steam
- Pure Extracts’ current R&D focus is on psychoactive mushroom compounds
Although the global pandemic extended its sales cycle, Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) is seeing interest from producers and brands looking for new opportunities and partnerships. Pure Extracts’ CEO Ben Nikolaevsky recently released a corporate update focused on three main points of interest — cannabis, functional mushrooms and psilocybin — in its growing business (https://cnw.fm/p7hBL).
The update noted that Pure Extracts’ Pemberton, British Columbia, facility is fully operational and ready to meet the increasing demand for cannabis-based gummies, vapes and white label products. The facility will be heavily involved as the company ramps up production on its Pure Pulls and Pure Chews as they re-enter the market.
“We have an excellent informational/educational program in place, which is specifically designed to familiarize the retail bud tenders with the benefits and features of our historically popular product lineup,” Nikolaevsky stated.
In addition, the BC facility is a key piece in Pure Extracts move to enter the U.S. market via a Michigan-based joint venture. The company signed a letter of intent with an Oregon-based multistate operator (“MSO”); the definitive agreement is in the process of being finalized. In addition to producing its own branded products for the venture, Pure Extracts is planning to produce white label products for its MSO partner as well as smaller companies in the area; the company may even license other established, out-of-state brands for the Michigan market.
“Michigan is a massive green-field market that Pure Extracts can readily launch into, both from establishing our Pure Pulls and Pure Chews brands, and also in an attempt to achieve a dominant position as a leading regional extractor as well as serve as our beachhead for expansion into other cannabis approved states,” noted Nikolaevsky. “Michigan is growing at 800% year-over-year, and we believe we are ideally positioned to capture a meaningful share of the region’s growing edible and vape market.”
And that’s only the tip of the cannabis iceberg. The company is growing its gummie product proprietary packaging business and has kicked off first tolling contract with a high-quality hemp grower. In addition, “white labeling has also begun to build momentum and gain sales traction for us,” said Nikolaevsky. “We are in the final stages of bringing on two large Licensed Producers as customers in order to manufacture their cannabis 2.0 products in the vape and tincture sectors.”
The company’s involvement in the functional and psychoactive mushrooms space is also gaining steam. “We have successfully launched our functional wellness line of products through our Pure Mushrooms-branded Amazon direct-to-consumer sales channels in the U.S. and Canada,” Nikolaevsky said. The platform initially launched with two products — Reishi and Maitake — with plans in place to add a Lion’s Mane product later this quarter.
The company’s current R&D focus is on psychoactive mushroom compounds, a focus that has been slowed because of the difficulty in obtaining psychedelic biomass, which is highly regulated by Health Canada. In fact, Nikolaevsky pointed out, many people have reported that there is little or no product available for R&D purposes. Pure Extracts was able to enter into an agreement with ShroomBloom, a British Columbia-based psychedelic mushroom cultivator that will be able to provide the company with ample product for its R&D efforts.
Also in the research & development vein, the company is partnering with Psyence Group (CSE: PSYG), a company recognized for its strong R&D and production capabilities. “Psyence currently has clinical trial opportunities with two major Canadian universities for the use of psilocybin in palliative care, and through our JV, we will have access to Psyence’s team of doctors and researchers in Toronto, South Africa and Jamaica,” Nikolaevsky said. “This additional effort will prove invaluable as we work to formulate a psilocybin compound that will be fast-acting and effective in dealing with PTSD, anxiety and other mental illnesses.”
“In conclusion, although COVID-19 has lengthened our sales cycle somewhat, we are now enjoying renewed interest from producers and brands looking for new opportunities and partnerships,” Nikolaevsky concluded. “We are all extremely excited to be working together to unlock the potential value of what could soon be a continent-wide industry and an opportunity totally unique to our lifetime.”
Pure Extracts Technologies Corp., headquartered in Pemberton, British Columbia, is a plant-based extraction company with a new vertical in functional mushrooms. The company is positioned to an extraction leader in the rapid development and commercialization of functional and medicinal psychedelic products.
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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