Pure Extracts Technologies Corp. (CSE: PULL) Strengthens Oil Extraction Business, Ventures into Functional Mushroom Space

November 25, 2020 11:35:39
  • Pure Extracts carried out its initial oil extraction, distillation trials in early November, plans to commence extraction tolling services in December
  • Once Sales License is obtained from Health Canada, the Company plans to begin marketing its own ‘Pure Pulls’ branded cannabis derived product range
  • Pure Extracts will simultaneously seek to market Company’s white-labelling prowess, offering oil extraction capabilities to Licensed Producers currently operating in cannabis space
  • Company also announced its interest in joining functional mushroom sector, with its first products set to be launched in 1Q2021
  • Separately, Pure Extracts named Dwight Duncan to its Board of Directors

Pure Extracts Technologies (CSE: PULL), a plant-based extraction company focused on the cannabis, hemp, and functional mushroom sectors, has seen its business operations scale to new heights following the award of its Standard Processing license from Health Canada on September 25, 2020. The receipt of the license enabled Pure Extracts to begin producing THC and CBD extracts in its purpose-built extraction facility located near Whistler, British Columbia, whilst adhering to EU Good Manufacturing Practices (“GMP”)—a process which ensures that molecules will be extracted to the highest possible quality.

On November 4, Pure Extracts ran the first oil extraction and distillation trial under its license, in the wake of a six-week process during which the Company commissioned the equipment required for commercial production. The occasion marked the initial step of a trial required for the Company to apply for its Sales License with Health Canada, following which Pure Extracts will seek to begin marketing its own-branded Pure Pulls and Pure Chews products.

Simultaneously, the Company is also set to begin its extraction tolling business in December – a process through which biomass is converted into THC and CBD oil. Pure Extracts is set to specialize in the production of full-spectrum oil (“FSO”), a product which contains all the cannabinoids and other chemicals which naturally occur in the plant prior to extraction. With demand for full spectrum oil witnessing an exponential increase as of late, the Company revealed that it had bid on a number of contracts and anticipated capturing a meaningful amount of business by the first quarter of next year (https://cnw.fm/QwgBg).

Pure Extracts has sought to combine its oil extraction enterprise – which will consist of the Company’s extraction tolling business, white-label product manufacturing as well as the marketing of its own branded products with a new venture into the functional mushroom space. Functional mushrooms have increasingly been identified as a new ‘wonder’ product within the wellness space, gaining popularity for both their apparent health benefits and ability to help slow or even reverse certain diseases. The Company is exploring strategic relationships with established players in the North American sector and intends to launch its initial product range in the first quarter of 2021 through an online portal which is currently under development.

Pure Extracts has sought to combine its growing business prospects with a simultaneous focus on strengthening its management and corporate governance functions. The Company announced its appointment of Dwight Duncan, a strategic advisor to Canadian law firm McMillan LLP and former Member of the Ontario legislature where he served as Deputy Premier and Minister of Finance, to its Board of Directors.

“We are pleased to welcome Dwight Duncan to the Board of Pure Extracts” noted Chief Executive Officer Ben Nikolaevsky. “Dwight has tremendous experience in both government regulatory affairs and corporate finance, and we are looking forward to working closely with him as we build Pure Extracts into a preeminent global extraction company” (https://cnw.fm/NFEKl).

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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