- Pure Extracts Technologies revealed it had recently retained global consultancy to advise on application for Dealer’s License under Health Canada
- If granted, license would allow Company to cultivate, conduct research into, commercialize controlled substances
- Pure Extracts also announced it recently signed LOI to further cooperation with PURICA(TM)( in field of full-spectrum mushroom-derived wellness products and co-develop CBD, mushroom product combinations
- Partnership would ideally situate Company to benefit from growing consumer interest within functional mushroom – CBD oil wellness product segments
Pure Extracts Technologies (CSE: PULL) (XFRA: A2QJAJ), a plant-based extraction company, recently revealed that it had begun the process towards applying to Health Canada for a Dealers License under the Controlled Drugs and Substances Act (“CDSA”). The CDSA, which oversees the legal access to controlled substances and regulates the production, distribution and sale of these substances in Canada, requires companies to obtain regulatory approval from Health Canada prior to carrying out activities within the sector (https://ibn.fm/A1Vpy).
Pure Extracts also announced that it had retained a globally recognized operations, compliance, and regulatory firm to advise on its application so as to ensure the Company’s adherence to the criteria put forth by the regulatory body. If obtained, the Dealers License would enable Pure Extracts to procure, cultivate and harvest-controlled substances – including the likes of psychedelic mushrooms for the purpose of psilocybin extraction, conduct research into controlled substances and ultimately engage in the sale of these substances through a variety of different channels.
“Having the support of one of Canada’s premiere consulting companies with subject matter proficiency in cannabis, controlled substances and other regulated consumer product industries assures that we will submit a fully-compliant Dealers License application to Health Canada in the shortest time possible,” said Pure Extracts’ CEO Ben Nikolaevsky in regard to the Company’s application. “As a plant-based extractor bringing functional mushroom products to market in Q1 2021, we are very excited to be laying the groundwork for our move into the controlled substances world of psychedelics.”
Being awarded the license would allow Pure Extracts to carry out extraction research and development into psychedelic compounds such as psilocybin and psilocin, preparing the Company for an eventual legislative move towards the legalization of psychedelics in the near future.
In addition to its application for a Dealers License under Health Canada, Pure Extracts also recently announced that it had signed a letter of intent (“LOI”) with The Nutraceutical Medicine Company Inc. (“PURICA”), owner of the PURICA(TM) brand of full-spectrum mushroom derived wellness products, to both support Pure Extracts’ expansion into the functional mushroom sector while also seeking to jointly develop a series of CBD-full-spectrum mushroom wellness combinations (https://ibn.fm/OPJ8q).
Pure Extracts, which is set to launch its own-branded functional mushrooms-derived product line under the ‘Pure Mushrooms’ brand name in early 2021, has long sought to develop its expertise within the functional mushrooms product segment, with the sector recently witnessing a surge in consumer demand given its stress-relieving and immune system-supportive properties.
A product launch with PURICA(TM) would allow Pure Extracts to effectively marry the twin segments of full-spectrum mushroom extracts and CBD and would position Pure Extracts at the confluence of two powerful trends – namely, the rapid adoption of CBD oil as a mainstream medicinal product and the explosive growth of functional mushroom wellness products.
Ben Nikolaevsky remarked in relation to the potential partnership, “We are excited to be working with the experts at PURICA(TM) on functional mushroom products and novel CBD formulations. They have an impressive history of product development, customer retention and an unwavering dedication to high standards.”
For more information, visit the company’s website at www.PureExtractsCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to PULL are available in the company’s newsroom at https://ibn.fm/PULL
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