- Pure Extracts Technologies Corp. has announced plans to expand, build fourth unit in dedicated towards research, development of psilocybin
- Announcement on its expansion plans come shortly after the Company revealed it plans to apply to Health Canada for a Dealer’s License
- Award of Dealer’s License would allow Pure Extracts to cultivate, harvest and procure controlled substances and carry out research into psychedelic compounds such as psilocybin and psilocin – paving way towards future commercialization of its product
- The Dealer’s License application has taken on increased relevance following Health Canada’s decision to revise existing regulations to permit certain authorized uses of psilocybin-assisted psychotherapeutic treatments
Pure Extracts Technologies (CSE: PULL) (XFRA: A2QJAJ), a plant-based extraction company, recently revealed that it had begun the buildout of the fourth unit in its 10,000 square foot purpose built and British Columbia-based facility for the extraction of mushrooms in order to conduct research and development of psilocybin under a Dealer’s License (https://cnw.fm/RLD4x).
The news of its expansion plans come shortly after Pure Extracts announced that the Company would be applying to Health Canada for a Dealer’s License under the Controlled Drugs and Substances Act (“CDSA”). The CDSA, which oversees the legal access to controlled substances and regulates the production, distribution, and sale of these substances in Canada, requires companies to obtain regulatory approval from Health Canada prior to carrying out activities within the sector (https://cnw.fm/O4DHZ).
Further to the announcement regarding the license application, Pure Extracts also seized the opportunity to state that the Company had retained a globally recognized operations, compliance, and regulatory firm to advise on its application to thereby ensure the Company’s adherence to the criteria put forth by the regulatory body. If obtained, the Dealer’s License would enable Pure Extracts to cultivate, harvest and procure controlled substances – including the likes of psychedelic mushrooms for the purpose of psilocybin extraction, conduct research into controlled substances and ultimately engage in the sale of these substances through a variety of different channels.
“As a plant-based extractor bringing functional mushroom products to market in Q1 2021, we are very excited to be building-out our facility for our move into the controlled substances world of psychedelics,” commented Pure Extracts’ CEO Ben Nikolaevsky regarding the expansion plans. “It’s great to have space adjacent to our cutting-edge facility which is built to Health Canada standards and to know that this space will also have the same high standards of construction that Pure Extracts prides itself on.”
The planned application has gained further relevance in light of Health Canada’s recent decision to revise the Special Access Programme (“SAP”) and related regulations to permit certain authorized uses of psilocybin-assisted psychotherapeutic treatments (https://cnw.fm/o3xnz). Initially announced on December 11, 2020, the revision of the SAP would effectively enable the use of mushroom extracts in a range of new medical applications—including within the complex and ever-broadening mental health sector.
Pure Extracts seized the occasion to announce a collaboration with Dr. Alexander MacGregor, a distinguished Professor of Biopharmaceutics and current President of the Toronto Institute of Pharmaceutical Technology (“TIPT”) ahead of the proposed regulatory changes and the outcome of the Company’s Health Canada license application. Pure Extracts and Dr. MacGregor are set to collaborate on the development and research of optimum psilocybin extraction methodologies, thus laying the groundwork to service the needs of the rapidly advancing growth and demand within the sector.
Nikolaevsky elaborated on Pure Extracts’ corporate prospects within the functional mushrooms space ahead of the anticipated regulatory changes, “The Special Access Programme may prove to be the tipping point and fundamental milestone event that eventually transforms an entire segment of the medical community’s outlook towards the treatment of mental health conditions. Here at Pure Extracts, we believe in the future of the mushroom-based drug development sector and are committed to building shareholder value based on the growing number of positive indicators for future success.”
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
About HempWire
HempWire (HW) is a dedicated information provider focused on (1) aggregating hemp-related news, (2) issuing HempNewsBreaks designed to update investors on the latest developments in the hemp market, (3) enhancing corporate news releases, (4) providing full-service distribution and social media offerings to public and private client-partners and (5) designing and implementing all-inclusive corporate communication solutions. HW is strategically positioned within the rapidly expanding hemp sector with a team of journalists working to help a growing roster of public and private companies reach a wide audience of investors, consumers and members of the media. We leverage a vast network of more than 5,000 key syndication outlets to deliver unparalleled visibility, recognition and content to the hemp industry. HempWire (HW) is where HEMP news, content and information converge.
To receive instant SMS alerts, text HEMPWIRE to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.hempwire.com
Please see full terms of use and disclaimers on the HempWire website applicable to all content provided by HW, wherever published or re-published: https://www.hempwire.com/Disclaimer
Do you have a questions or are you interested in working with HW? Ask our Editor
HempWire (HW)
Denver, Colorado
www.hempwire.com
303.498.7722 Office
Editor@HempWire.net
HempWire is part of the InvestorBrandNetwork.
