Mr. Sean Bromley reports
PURE EXTRACT TECHNOLOGIES INC. RECEIVES HEALTH CANADA STANDARD PROCESSING LICENSE
Further to Big Sky Petroleum Corp.'s news release dated Feb. 19, 2020, announcing its proposed acquisition of Pure Extract Technologies Inc., pursuant to which Big Sky will acquire all of the outstanding shares of Pure Extract, Pure Extracts has received its Health Canada standard processing licence.
Health Canada officially granted Pure Extracts a standard processing licence under the Cannabis Act after an extensive five-month application and vetting process. The company's refined business model, combining extraction tolling, white label production of vape pens and edible products, along with 34 proprietary Pure Pulls in-house formulations, is ideally suited to prosper, given the current climate of dramatically reduced biomass costs.
Pure Extracts is proud to have achieved this licensing milestone with no downtime due to COVID-19 and is confident that its operational plan, with its focus on employee safety, will allow the company to continue to operate in a safe and efficient manner. "We are thrilled to be commencing production in our new, EU-GMP-compliant, purpose-built facility and are confident that our state-of-the-art extraction and processing equipment will produce the highest-quality cannabis and hemp-derived oil available on the market," says founder and chief operating officer Doug Benville.
Pure Extracts is in an ideal market position as the consumer demand for edibles and infused beverages is starting to accelerate, biomass prices have reached new lows, outdoor grown biomass will be readily available for extraction this fall and the number of dispensaries in Canada continues to rapidly increase.
The company currently has 12 full-time employees and is actively hiring a number of additional positions. By the end of 2020, with the launch of its functional mushroom products, Pure Extracts expects to employ 18 to 20 individuals at its site. Complementing its current, proprietary formulations is the company's research and development with scientific adviser Dr. Alexander MacGregor, founder of the Toronto Institute of Pharmaceutical Technology.
"Pure Extracts plans to position itself as an extraction industry leader in terms of its full-spectrum oil (FSO) quality," says chief executive officer Ben Nikolaevsky. "We can't wait to show our LP partners the incredible quality extracted oil that we can produce, be it for medicinal or recreational usage. Our standards are high, as you would expect from an EU-GMP-compliant producer with an exceptionally experienced team. The dedication and determination our team displayed over the last two years has been exemplary."
About Big Sky Petroleum Corp.
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