- Pure Extracts is a plant-based extraction company located in British Columbia, Canada that focuses on cannabis, hemp, functional mushrooms
- Pure Extracts’ “Pure Pulls” and “Pure Mushrooms’” branded products expected to be available by end of Q1 2021
- Global cannabis extract market size expected to reach USD$28.5 billion by 2027 with CAGR of 16.6%; global functional mushrooms market expected to reach USD$34.3 billion by 2024 with CAGR of 8%
Pure Extracts Technologies (CSE: PULL), a plant-based extraction company focused on cannabis, hemp and functional mushrooms, recently released a corporate update for shareholders and interested investors that provides current information on the company’s operations, product strategy and market conditions (https://ibn.fm/8gVz8).
Pure Extracts conducts operations at its state-of-the-art facility located in Pemberton, British Columbia. Built to European Union GMP standards, the Company plans to obtain EU-GMP certification for its operations so it can export to European countries where its products are legal.
Rather than grow its own biomass, Pure Extracts purchases in bulk from licensed producers on the wholesale market and processes it via a Health Canada Standard Processing License granted to Pure Extracts Manufacturing Corp., a wholly-owned subsidiary. Along with undertaking toll processing and white labeling for Licensed Producers (LPs), Pure Extracts also develops its own private label of products. Branded as “Pure Pulls”, the new product line of full spectrum THC and CBD-based extracted oils, vape pens and edibles is expected to be available for sale at licensed dispensaries in multiple provinces by the end of Q1 2021.
In anticipation of increasing demand for functional mushroom wellness products, Pure Extracts has already leveraged its existing infrastructure to accommodate mushroom extraction processes with the intent to incorporate this additional business model in its overall market penetration strategy. Branded as “Pure Mushrooms,” these products are expected to be available for direct-to-consumer sales through the Company’s e-commerce portal by the end of Q1 2021.
The management team at Pure Extracts, led by Ben Nikolaevsky, has experience in all facets of the cannabis industry, including five years of volatile plant extraction, large-scale facility operations, new product development, in-house branding expertise, licensing of US brands for the Canadian and international markets, marketing and national sales. Along with over a decade of experience in corporate leadership roles across the natural products, agriculture and cannabis sectors, Nikolaevsky also has extensive experience in capital markets in addition to holding a B.A. in Economics and a certification in financial auditing.
According to a new report published by Grand View Research Inc., the global cannabis extract market size is expected to be valued at $28.5 billion USD by 2027 and expand at a CAGR of 16.6% over the forecast period (https://ibn.fm/xNaXe). Accordingly, the global market for functional mushrooms is expected to reach $34.3 billion USD by 2024 and grow at a CAGR of 8% between 2019 and 2024. The market in Canada is projected to expand significantly, particularly in Ontario, its most populous province, where up to 40 new dispensary licenses are granted each month. This market projection could potentially grow the number of dispensaries from around 200 to almost 700 within the next year.
Incorporated under the British Columbia Business Corporations Act, Pure Extracts has its offices and operations in Pemberton, British Columbia. The Company was granted its Standard Processing License by Health Canada on September 25, 2020 and started trading on the Canadian Securities Exchange on November 5, 2020 under the symbol “PULL”.
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://ibn.fm/PULL