Mr. Ben Nikolaevsky reports

PURE EXTRACTS SUBMITS NATURAL HEALTH PRODUCT LICENCE APPLICATION FOR CLASS 3 LION'S MANE FUNCTIONAL MUSHROOM PRODUCT

Pure Extracts Technologies Corp.'s wholly owned subsidiary, Pure Mushrooms Corp., has submitted a Class 3 licence application to Health Canada's natural and non-prescription health products directorate for the non-monograph claims of cognitive health for its lion's mane product.

A lion's mane Class 3 licence would augment the company's existing Class 1 licence granted by Health Canada on April 7, 2021, and would allow the company to include cognitive health benefits in the product's description. This lion's mane product, when licensed, would be available for sale on the company's Amazon on-line e-commerce store, complementing the current portfolio consisting of reishi and maitake functional wellness products. Current products are appealing to both men and women with 57 per cent of purchases coming from men and 43 per cent from women with the most sales occurring in California followed by Florida then Georgia.

The initial Class 1 lion's mane product launch is expected to occur in Q4 2021 along with the company's new blended mushroom product, with the Class 3 lion's mane product launch expected to occur in Q1 2022. The formulation, packaging, branding and distribution knowledge garnered from the functional mushroom wellness product space is laying the foundation for the company's development of psychedelic mushroom products that will commence in earnest once the company receives its dealer's licence in accordance with its application filed with Health Canada in March of this year.

Pure Extracts' chief executive officer Ben Nikolaevsky remarked: "We are excited to be creating more Pure Mushrooms' products for our direct-to-consumer, on-line store. The functional mushroom wellness market is experiencing robust sales as many consumers are trying to boost their immune systems in light of the COVID-19 pandemic. As we build out our mushroom extraction facility, we plan to bring more products to market."

About Pure Extracts Technology Corp.

Pure Extracts Technology features an all-new, state-of-the-art processing facility located just 20 minutes north of world-famous Whistler, B.C. The bespoke facility has been constructed to European Union GMP (good manufacturing practices) standards aiming toward export sales of products and formulations, including those currently restricted in Canada, into European jurisdictions where they are legally available. Health Canada, under the Cannabis Act, granted Pure Extracts its standard processing licence on Sept. 25, 2020. The company's stock began trading on the Canadian Securities Exchange on Nov. 5, 2020.

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