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Pure Extracts Technologies Corp
Symbol PULL
Shares Issued 70,700,537
Close 2020-12-15 C$ 0.73
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Pure Extracts builds out 4th unit in mushroom facility

2020-12-16 00:21 ET - News Release

Mr. Ben Nikolaevsky reports

PURE EXTRACTS COMMENCES BUILD-OUT OF FACILITY IN PREPARATION FOR MUSHROOM EXTRACTION AND DEALER'S LICENCE

Pure Extracts Technologies Corp. has begun to build out the fourth unit in its facility for the extraction of mushrooms and to commence research and development of psilocybin under a dealer's licence.

The company is preparing an application to Health Canada for a dealer's licence under the Controlled Drugs and Substances Act (CDSA), which provides, among other things, the framework for legal access to controlled substances, and the control and regulation of production, distribution and sale of psilocybin.

Under this framework, a company is required to obtain a licence issued by Health Canada to conduct various activities with controlled substances. Licence holders are responsible for compliance with the CDSA and its regulations, as well as compliance with other applicable federal, provincial and territorial legislation and municipal bylaws. The issued licence dictates activities, conditions and restrictions for the licence holder depending on licence permissions.

A dealer's licence could allow for the following activities:

  • Procurement of controlled substances, including by import, synthesis, propagation, cultivation and harvesting of psychedelic mushrooms for psilocybin extraction;
  • Research and manufacture of controlled substances such as psilocybin and psilocin;
  • Business-to-business sale of controlled substances, including by export;
  • Sale of controlled substance by pharmacies.

Pure Extracts chief executive officer Ben Nikolaevsky remarked: "As a plant-based extractor bringing functional mushroom products to market in [first quarter] 2021, we are very excited to be building out our facility for our move into the controlled substances world of psychedelics. It's great to have space adjacent to our cutting-edge facility, which is built to Health Canada standards, and to know that this space will also have the same high standards of construction that Pure Extracts prides itself on."

Having the ability to do extraction research and development into psychedelic compounds, such as psilocybin and psilocin, will prepare Pure Extracts to work with partners such as medical doctors, pharmaceutical company and pharmacies as clinical trials lead to the legalization of psychedelics and the advancement of microdosing in the near future.

Submission of the company's dealer's licence application is subject to compliance with applicable securities laws, including any necessary approvals by the Canadian Securities Exchange.

About Pure Extracts Technologies Corp.

The company 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. On Sept. 25, 2020, Pure Extracts was granted its standard processing licence by Health Canada under the Cannabis Act, and the company's stock began trading on the Canadian Securities Exchange (CSE) on Nov. 5, 2020.

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