07:37:39 EDT Thu 25 Apr 2024
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Pure Extracts Technologies Corp
Symbol PULL
Shares Issued 104,454,862
Close 2022-01-11 C$ 0.115
Market Cap C$ 12,012,309
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Pure Extracts unit signs vape line manufacturing deal

2022-01-12 12:07 ET - News Release

Mr. Ben Nikolaevsky reports


Pure Extracts Technologies Corp.'s wholly owned subsidiary Pure Extracts Manufacturing Corp. has signed a custom manufacturing/white label agreement with a West Coast licensed producer to launch a line of vape products.

The agreement calls for the extraction of premium cannabis supplied by the LP and the subsequent formulation into high-quality, full-spectrum oil (FSO) one-gram vape cartridges. These products will be created by collaboration between the two companies with a reliance on Pure Extracts' 30-plus proprietary formulations and its optimized vape hardware. Pure Extracts will be providing co-manufacturing extraction services. The initial order has an approximate retail sales value of $525,000.

This science-based LP has extensive experience in the growing medical-grade cannabis for patients and are now excited to apply their experience toward producing first-rate cannabis for the legalized adult-use market in Canada. Its meticulous standards are used at every step of product development, from growing and processing to research and development.

Pure Extracts chief executive officer Ben Nikolaevsky remarked: "We are excited about launching a white label product with our new customer, as they are focused on creating state-of-the-art products utilizing cannabis they grow themselves. With the addition of this customer and the increased capacity and flexibility our new cosolvent injection system provides, we have begun to execute our strategy with high-quality producers and branding specialists to get their white label products into the provincial retailers and drive up to $3-million of annual revenue from this vertical."

About Pure Extracts Technologies Corp.

Pure Extracts 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 practice) standards aiming toward export sales of products and formulations, including those currently restricted in Canada, into European jurisdictions where they are legally available. Pure Extracts was granted its standard processing licence by Health Canada under the Cannabis Act on Sept. 25, 2020, and its sales amendment on July 19, 2021. The company's stock began trading on the Canadian Securities Exchange on Nov. 5, 2020.

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