Pure Global Provides Progress Updates on Key Strategic Initiatives
Pure Global Cannabis Inc. (TSX.V: PURE; OTC: PRCNF; FRA: 1QS) (“Pure Global” or “PURE“) an integrated, growth-oriented life sciences and consumer products cannabis company, through its wholly-owned subsidiary PureSinse Inc. (“PureSinse” or the “Company“), a Health Canada licensed producer under The Cannabis Act, is pleased to announce that Phase 2 construction of the Company’s Brampton campus, housing facilities for vertically farmed cultivation, R&D, extraction, manufacturing, and distribution, has been completed, coinciding with a recent on-site inspection for oils sales licensing by Health Canada.
“We’re excited to announce that our manufacturing facility will soon be operational as we anticipate our first harvest this fall,” said Pure Global’s President & CEO, Malay Panchal. “As Pure Global moves closer to obtaining our sales license for cannabis oils, we continue to work to increase brand awareness in the medical community and increasing direct-to-consumer medical sales. We’re also working closely with cannabis research partners to collect data in certain key therapeutic areas towards identifying drug development pathways. We look forward to communicating our progress and achievements with our stakeholders, and the market as a whole, in the very near future,” added Mr. Panchal.
Phase 2 construction of the Company’s Brampton campus is now complete and awaiting Health Canada approvals. The first phase, completed in 2018, includes vault storage built to Health Canada Level 9 standards, extraction, QA and microbiology labs as well as order processing, packaging, shipping and receiving, security IT and administrative areas.
The Company plans to begin cultivation and extraction in mid-summer subject to receiving Health Canada approvals, and expects its first harvest to be ready for sale in the fall of 2019. The 18,000 sq. ft. space will act as a hub for vertically farmed cultivation, R&D, extraction, manufacturing, and distribution. Phase 2 completion of the main site will also enable PureSinse to more effectively service patients interested in using extract-based products. This phase of completion provides an additional six flowering rooms of about 1,000 sq. ft. each, and includes a tissue culture lab, processing, drying and mothering rooms, as well as extraction areas. Coupled with R&D and tissue culture functions, this site will allow the Company to effectively cultivate close to three tons annually of cannabis and process extracts at six tons annual capacity. The third, and final phase, will expand the facility to 41,000 sq. ft. and include automated controlled growth cultivation systems that feature the company’s proprietary vertical farming system. Total production capacity is expected to exceed 20,000 kg/year by the end of 2020. The vertical farming methodology will be validated on cannabis in phase two for full deployment in Phase 3. Phase 3 will also include a formulations lab, automated packaging, and scaled manufacturing for cannabidiol (“CBD“) health and beauty and post-derivative products including edibles.
Health Canada recently completed its on-site inspection for oils sales licensing. As Pure Global moves closer to obtaining oils sales licensing, it has expanded production capabilities to include in-house production of medicated topicals, creams, gels, balms, lotions, tinctures, sprays, vape pens, oils bottles, and gel capsules. This will boost the Company’s product line capacity to meet the growing demand for post-derivative cannabis products which would be deployed throughout the Company’s brand ecosystem as edibles and post-derivative products regulations are expected to come into being this fall.
Expanded Shareholder Communications Initiative
In support of its shareholder relations initiative, Pure Global has retained the services of Storyboard Communications Corp. (“Storyboard“), a leading investor relations advisory firm servicing Canadian small cap companies across the North American markets.
Storyboard will assist the Company with market intelligence, investor targeting and events, along with comprehensive creative and media outreach. Under the terms of the agreement, Pure Global will pay a monthly retainer of CAD $10,000 for an initial term of 6 months for ongoing strategic communication and capital markets advisory services. At the time of entering into this agreement, neither Storyboard, nor any of its executives have an ownership interest, directly or indirectly, in Pure Global or its securities, and Pure Global has not granted Storyboard any right to acquire any such interests.
The engagement of Storyboard remains subject to the approval of the TSX Venture Exchange.
About Pure Global Cannabis
Pure Global Cannabis Inc. is an innovation-based cannabis company led by experienced pharma, biotechnology, horticultural, and consumer packaged goods (CPG) experts. The company’s wholly owned subsidiary, PureSinse Inc., is a licensed producer under the Cannabis Act. The company’s Brampton campus houses facilities for vertically farmed cultivation, R&D, extraction, manufacturing, and distribution. Pure Global will produce branded and white-labeled cannabis products for the medical, pharmaceutical, wellness, health & beauty, natural health, food & beverage, craft, and recreational legal markets with uniquely formulated and purified concentrates and dried flower. The company is using the Canadian market as a springboard to develop and manufacture GMP-compliant premium quality cannabis products for international sale and distribution with a goal to become one of the most trusted premium international cannabis brands.
About Storyboard Communications Corp.
Storyboard provides high-quality investor relations and communications services for small to mid-cap companies in all sectors, using a unique approach through an innovative methodology. Storyboard’s unique data-driven four-step methodology builds an in-depth understanding to develop key messaging and optimize communication strategies.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about Pure Global’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Pure Global cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Pure Global assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Pure Global Cannabis Inc.
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