PUF Ventures (CSE:PUF, Frankfurt:PU3, OTCPK:PUFXF), is pleased to provide an update on the previously announced plan of arrangement (the “Arrangement“) with Weed Points Loyalty Inc. (“Spinco” or “Weed Points“), formerly known as Vapetronix Holdings Inc. PUF shareholders of record on October 4, 2017 (the “Record Date”) will be entitled to receive one (1) Spinco Share for every seven (7) common shares of PUF held. PUF shareholders of record as at the Record Date will also be eligible to vote on a special resolution approving the Arrangement, at an annual general and special meeting to be held on Friday, November 24, 2017. Details of the Arrangement will be provided in a Management Information Circular that will be mailed to all eligible PUF shareholders.
Weed Points proposes to create the first loyalty program that targets the emerging cannabis market. It has established weedpoints.com as its beachhead domain name where a proprietary platform will allow producers, patients, and consumers to interact creating an awareness and loyalty hub for the cannabis marketplace. It is also closing in on several other domain assets for other brands being created under the Weed Points loyalty umbrella.
“Working hand in hand with PUF Ventures and their expanding global network, Weed Points Loyalty is positioned to accelerate the digital transformation of cannabis loyalty through our data driven practice and technical bench strength of expertise,” said Shawn Moniz, Chief Executive Officer of Weed points Loyalty Inc and techonesixty. “Our continued growth will be focused with holistic approaches not only with local governing bodies, but with expanding markets abroad.”
The WeedBeacon marijuana tracking prototype schematics and associated technologies are being updated to be integrated within the Weed Points platform. Other cannabis loyalty brand business drivers such as data mining and life sciences technologies are also under development.
Weed Points has entered a lease agreement for office space in Toronto, reflective of the tech culture the company is creating, with a tentative occupancy date within 30 days. A corporate communications manager and programming/project manager have been hired, and management is in discussions to hire additional staff from the life sciences, pharma and tech sectors to complement the current team.
By establishing a loyalty and technological presence between producers and consumers, Weed Points will become the loyalty program of choice that provides accurate and up-to-date information on an array of cannabis products. Consumer reviews of specific strains, availability of product, and real-time delivery tracking will be some of the information included within loyalty platform as it evolves to suit the needs of the marketplace.
“As we position Weed Points Loyalty in strategic sectors within the global cannabis market, our organic synergies of behavioral sciences and customer relation initiatives poise our clients for sustainable growth in an ever changing cannabis landscape,” added Steve Loutskou, Chief Strategy Officer of Weed Points Loyalty Inc. and techonesixty.
About PUF Ventures Inc.
PUF Ventures Inc. owns a majority interest in AAA Heidelberg Inc., a private Ontario company that is an advanced applicant for an ACMPR license from Health Canada. The Company has an option to acquire the balance of shares to own 100% of AAA Heidelberg Inc. upon receipt of the ACMPR license. Through an exclusive joint venture agreement with Canopy Growth Corp., the Company will join CraftGrow, a collection of high-quality cannabis grown by a select and diverse set of producers, made available through the Tweed Main Street website. While it cannot guarantee nor estimate the timing of the issuance of a license to AAA Heidelberg Inc. it is management’s goal to become a leading supplier of medical marijuana in Canada.
PUF Ventures Inc. owns a majority interest in PUF Ventures Australia (“PVA“), a private company with a purchase option on 27-hectares of land near the town of Casino, New South Wales. PVA is constructing a one million-square-foot greenhouse operation with large scale manufacturing and processing facilities for the cultivation, harvesting, processing of medical cannabis and associated products in Australia.
Weed Points Loyalty Inc. (formerly Vapetronix Holdings Inc.), a wholly-owned subsidiary of the Company, developing the first loyalty program that targets the emerging cannabis market by leveraging expertise and technology to create a platform that will allow producers, patients, and consumers to interact and define the future face of cannabis commerce. It is also developing WeedBeacon, a marijuana tracking technology.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
PUF Ventures Inc.
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer’s future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
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