Pure Global Cannabis Inc. (TSXV:PURE, OTC:PRCNF, FRA:1QS) (“Pure Global”), an integrated growth-oriented Life Sciences and cannabis consumer products company, operating through its wholly-owned subsidiary PureSinse Inc. (“PureSinse” or “Company”), a Licensed Producer under Health Canada’s Cannabis Act, is extremely excited to announce the creation of a new business unit, PureCanna Solutions (“PureCanna”). This B2B brand will provide white label extraction, co-processing, co-manufacturing, tolling, and cannabis and cannabidiol (“CBD”) isolate and extract bulk sales.
PureCanna has already entered into negotiations with potential clients and suppliers to provide immediate access to the Company’s extensive line of products and manufacturing techniques, which include packaging for dried flower, oils bottles, vape pens, and capsules. As the Company continues to upscale their manufacturing and processing capabilities, the creation of this new division will offer significant revenue generating potential with exceptional margins.
Pure Global CEO & President, Malay Panchal said, “This new division will allow us to quickly and substantially increase high margin sales by servicing industry partners who share the same vision of creating only the highest quality products. Adding CBD bulk sales, white label, and co-processing services leverages our existing capabilities and any underutilized capacity.”
In preparation for this development, the Company submitted their readiness packages in early August for Health Canada approvals of Phase 2 of their Brampton facility expansion, which upon approvals will immediately allow for cultivation along with manufacturing capabilities of 20 to 30kg of cannabis extract for bulk sale via CO2 supercritical extraction. PureSinse is in the process of adding significantly more extraction capacity for hemp biomass processing in place of previously denominated cultivation rooms with target capacities of 100 to 200 tons annually and expected readiness in early H1 2020.
This represents the latest in a series of transformational announcements from Pure Global. The Company announced earlier this week the signing of a joint operating agreement with KMT-Hansa Corp. to cultivate, grow and process hemp and CBD products in China. In addition, Pure was recently granted their oil sales license from Health Canada.
Mr. Panchal continued, “PureCanna is set to become a leading provider of GMP and pharmaceutical grade CBD and cannabinoid isolates, ready to use formulations, co-manufacturing, and co-packaging services for CPG companies and LPs. I am very proud of the hard work that has gone into the development of this unit and look forward to forging new partnerships with some highly respected cannabis and CPG companies in Canada and globally.”
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.
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.