VANCOUVER, British Columbia, April 8, 2021 (GLOBE NEWSWIRE) – Pure Extracts Technologies Corp.… (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) (“Pure Extracts” or “Company”) is pleased to announce the signing of a Letter of Intent (“LOI”) with an affiliate of a publicly traded multi-state operator (MSO) for a joint venture (“JV”) to install a cannabis and hemp production system at an existing facility in Michigan.
This MSO has a long history of success in Oregon, offering a family of products including premium sun-grown and indoor flowers, as well as patented nitro-potted indoor and sun-grown pre-rolls and cans. These products are also grown and packaged in Michigan for retail at over 100+ dispensaries across the state.
Pure Extracts is a herbal extraction company specializing in cannabis, hemp, functional mushrooms and the booming psychedelic sector in a modern manufacturing facility located north of Whistler, British Columbia.
In Michigan, the companies plan to join forces by combining local MSO licensing, licensing and marketing expertise with Pure Extracts, vapor, live resin and food production skills. Venture partners plan to build on 2,600 sq. Ft. Of existing, underutilized space at MSO’s current facility, which is strategically located in downtown Michigan within a 2-hour drive of several major markets.
Pure Extracts expects to bring a combination of equipment and cash to the venture, allowing partners to quickly scale up to meet the growing demand for cannabis concentrates and recreational foods across the state.
Michigan is expected to follow similar consumer trend patterns found in other states such as California and Colorado, where extract and concentrate sales will eventually overtake dried flower sales. Bruce Linton, co-founder and former CEO of cannabis giant Canopy Growth and executive chairman of the newly opened Gage Growth Corp. from Michigan, recently commented on Forbes that “Michigan is one of the fastest growing cannabis markets in the United States.” To the Michigan Marijuana Regulatory Agency (MRA), Michigan cannabis sales in February 2021 increased 160% year-over-year to $ 106.2 million, with medical sales increased 48% to $ 38.1 million US sales, and adult sales up 353% to US $ 68.1 million.
In addition to producing Pure Extracts’ proprietary vape and food brands, the JV partners expect MSO to receive an initial order for white-labeled live resin concentrates as the company continues to build on the outstanding reputation it already has for its dried flower products. collected in the Michigan market.
Pure Extracts CEO Ben Nikolaevsky commented: “We are delighted to launch our first US initiative in the fast-growing Michigan market, especially with experienced and reliable partners. There is a lot of demand across the state for the products we know best: full spectrum oil vapes (FSO), live resin concentrates, and food grade products. With immediate access to more than 100 MSO branch dispensary clients from nearly 400 Michigan licensed dispensaries, we expect our products to roll out and hit shelves in the fourth quarter of this year. ”
The Company’s expansion in Michigan is contingent on compliance with applicable state cannabis laws, as well as general compliance with CSE policies and Canadian securities laws.
ABOUT Pure extracts (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ)
Pure Extracts Technology Corp. has a brand new state of the art manufacturing facility located just 20 minutes north of world renowned Whistler, British Columbia. The custom-built facility was built in accordance with European Union GMP standards with the aim of exporting products and formulations, including those currently restricted in Canada, to European jurisdictions where they are legally available. On September 25, 2020, Pure Extracts received a standard processing license from Health Canada under the Cannabis Act, and on November 5, 2020, the company went public on the Canadian Stock Exchange (CSE). See https:// pureextractscorp .com / for details.
For more information, contact Empire Communications Group at tel. (604) 343-2724 and [email protected]
ON BEHALF OF THE BOARD
CEO and director
CSE has not endorsed or rejected the content of this press release.
This press release contains forward-looking statements regarding the future activities of Pure Extracts,
and other statements are not historical facts. Forward-looking statements are often identified with terms such as “will,” “may,” “should,” “expect,” “expects,” and similar expressions. All statements other than statements of historical fact included in this release, including but not limited to statements regarding the US expansion and future plans and objectives of Pure Extracts, are forward-looking statements and involve risks and uncertainties. A number of factors could cause actual events, performance or results to differ materially from those projected in the forward-looking statements. While we believe that the assumptions underlying these statements are reasonable, they may turn out to be incorrect and we cannot guarantee that actual results will be in line with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements. The compliance of actual results, performance or achievements with the Company’s expectations and forecasts depends on a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed in the Risk Factors section of the Company’s Annual Information Form. The Company does not undertake to update any forward-looking information, except as and to the extent required by applicable securities laws.
This press release contains information on potential sales proceeds from delivery agreements, which may be construed as disclosures of financial prospects under applicable securities laws. Such information is subject to the same assumptions, risks, constraints and qualifications set out in the previous paragraph. In particular, the estimated sales revenues that could be earned under the supply contracts were calculated based on current wholesale prices and assumed, among other things, that the Company would be able to find buyers for its products. The financial projections contained in this press release were made by management as at the date of this press release and have been provided for the purpose of providing readers with an understanding of the potential revenue that could be generated from a supply agreement recently entered into by the Company and not an estimate of profitability or any or another indicator of financial results. Readers are cautioned that the financial projections contained in this document should not be used for purposes other than those for which they are disclosed in this document.