Mr. Malay Panchal reports
PURE GLOBAL CANNABIS TO JOIN AS LAUNCH PARTNER TO BUYWELL.COM MARKETPLACE FOR ALTERNATIVE HEALTH PRODUCTS AND PROVIDES DEBENTURE FINANCING UPDATE
Pure Global Cannabis Inc. has entered into a memorandum of understanding with Evergreen Pacific Insurance Corp. pursuant to which Pure Global's wholly owned subsidiary, PureSinse Inc., will become a merchant partner for the launch of the Buy Well website, which aims to be the pre-eminent Canadian marketplace for health and wellness products and services.
Pure will engage with the Buy Well customers for making available medical cannabis products and a broad range of paramedical extracts on its e-marketplace. BuyWell.com, a subsidiary of Evergreen Pacific, is launching its e-marketplace in September, 2018, which will include more than 10,000 curated health and wellness products and services, to be marketed to the discerning alternative health consumer. Pure Global is focused on patient-centric outcomes and will join the initial cohort of licensed producers to BuyWell.com.
Malay Panchal, president and chief executive officer of Pure Global, stated: "This is a great partnership for both Pure and Evergreen Pacific. As a patient-focused company also in pursuit of improving health and wellness of Canadians, we believe providing insurance coverage to cannabis patients in Canada is critical and for patients to have choice and accessibility to our quality products. We therefore are proud to align ourselves with BuyWell.com on launching their offerings which are very important and long overdue for medical cannabis patients."
Evergreen Pacific is the parent company of Markers Financial Inc., which is the founding sponsor of The Alternative Health Association of Canada. Markers provides broad extended health care coverages, including the first guaranteed issue insurance coverage for medical cannabis prescriptions for individuals. Similar to the way in which dental insurance is administered in Canada, medical cannabis producers licensed by Health Canada will be paid directly by the insurer, such that patients will never be out of pocket for the cost of their prescriptions. Policies will be customized to each insured's actual requirements, with no caps, exclusions or restrictions based on pre-existing conditions. All medical cannabis producers licensed by Health Canada are eligible to participate in this program.
Robert Wilson, chief executive officer of Evergreen Pacific, commented: "We are excited to have Pure Global as an LP launch partner. We are highly focused on patient outcomes, delivering only the best alternative health and wellness products and services to Canadians. As a leading medical cannabis producer in Canada, Pure Global will offer world-class medical cannabis products and extracts, and we look forward to working together."
Debenture financing update
Pure Global also wishes to confirm that the anticipated closing date for the previously announced convertible debenture financing will be on or about Sept. 13, 2018.
The net proceeds of the offering are intended to be used primarily to finance the acquisition of a 60-per-cent interest in Sativa Nativa SAS, a Colombian subsidiary of Avicanna Inc. Completion of the acquisition is subject to customary conditions for an investment of this nature, including satisfactory due diligence and the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange, and consents in Colombia and Canada. If the acquisition is not completed, the company intends to use the net proceeds of the offering to finance alternative acquisition opportunities, organic growth initiatives and for general working capital purposes.
About Pure Global Cannabis Inc.
Pure Global Cannabis is a vertically integrated, growth-oriented life sciences cannabis company led by experienced pharma-industry, horticultural, consumer packaged goods (CPG) and supply chain experts. The company's wholly owned subsidiary, PureSinse Inc., is a licensed producer under the Access to Cannabis for Medical Purposes Regulations (ACMPR) focused on producing cannabis products for medical, wellness, health and beauty, natural health, and future legal adult use markets.
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