- PULL starts production of roughly 50,000 blister pack gummies using Taste-T LLC’s successful proprietary manufacturing system
- Global CBD gummies market size estimated to grow at CAGR of 31.9% until 2025
- PULL estimates $200,000 in revenue from initial batch, plans to produce three additional non-THC SKUs with varying levels of ultra-high potency CBD
Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, recently announced it started production on roughly 50,000 Pure Chews edible gummy packs to be sold this Spring (https://cnw.fm/K57sl). The news came shortly after Pure Extracts agreed to license U.S.-based Taste-T LLC’s proprietary manufacturing system that produces the company’s hugely successful Margarita Chill and Fireball Cinnamon products available throughout the United States in unique blister packs.
“May is going to be a very exciting month for us as we commence retail sales of gummies through our distribution partner,” said Pure Extracts’ CEO Ben Nikolaevsky. “We plan to replicate the success that our licensing partner, Taste-T, is experiencing in US states including Nevada, Massachusetts, Michigan and Oklahoma. Our exceptionally pure products are in high demand and we have a range in potencies and flavors that consumers will certainly enjoy.”
Grandview Research valued the global CBD gummies market at $998.2 million in 2018 with forecasts that it will continue growing at a CAGR of 31.9% until 2025 (https://cnw.fm/2I03B). The research group attributes the growth to an increase in consumers looking for alternatives to replace smoking, along with other unhealthy options such as cookies, brownies and confectionaries. Accordingly, Pure Extracts’ management expects $200,000 in revenue from strong sales in British Columbia, Alberta, Saskatchewan and Ontario, with plans to include three additional non-THC SKUs with varying levels of ultra-high potency CBD.
Along with its cannabis vertical, Pure Extracts is adapting its existing processing infrastructure to be able to produce mushroom extracts for the creation of functional mushroom products. Commencing in May, the Company plans to sell its Pure Mushrooms branded extracts online through its direct-to-consumer e-commerce portal that will feature Reishi, Maitake and Lion’s Mane formulations that are expected to produce gross sales of $15,000 per month per SKU (https://cnw.fm/wndE3). Along with its functional mushroom brands, Pure Extracts recently signed a letter of intent to co-produce psychedelic mushroom-based psilocybin formulations with the Psyence Group, one of the world’s first psychedelic mushroom companies operating a federally legal commercial cultivation and extraction facility in Southern Africa (https://cnw.fm/7hgik).
Based in British Columbia, Pure Extracts operates out of its state-of-the-art facility built to European Union GMP standards, enabling the Company to obtain EU-GMP certification for export to European countries where cannabis and functional mushroom products are legal for sale and consumption. With the market for cannabis, functional mushrooms and medicinal psychedelic products gaining traction across the world, Pure Extracts is favorably positioned to gain significant market share within the rapidly expanding plant-based medicine industry.
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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