Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF), a plant-based extraction company specializing in cannabis, hemp and mushroom products, has entered into its first initial substantial biomass purchase agreements; the agreements are designed to support an increase in the company’s production of THC and CBD oil extracts. Executed with a large Canadian Licensed Producer, one purchase agreement outlines Pure Extracts’ intent to purchase 220 kgs of high-potency THC cannabis dried flower; the company also agreed to purchase approximately 1,000 kgs of high-potency CBD biomass from a top Western Canada cultivator. The company plans to use the cannabis to produce full-spectrum (“FSO”) THC oil with a minimum purity of 67% and distillate with a minimum purity of 86%; the hemp will be used to produce full-spectrum CBD oil with a minimum purity of 66% and distillate with a minimum purity of 85%. The announcement noted that based on these two biomass purchases alone, Pure Extracts should be able to produce approximately 70 kgs of CBD distillate and 25 kgs of THC distillate, which at current prices of $6,000 per kg and $6,800 per kg respectively, could lead to $590,000 in near-term sales revenue. “Having a stockpile of biomass makes sense for us now as Pure Extracts starts to build its name in the elite category of extractors,” said Pure Extracts CEO Ben Nikolaevsky. “We are looking forward to showcasing our world-class products and consistently ramping-up revenue this year.”
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About Pure Extracts Technologies Corp.
Pure Extracts features an all-new, state-of-the-art processing facility located just 20 minutes north of world-famous Whistler, British Columbia. The bespoke facility has been constructed to European Union GMP standards aiming towards 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 License by Health Canada under the Cannabis Act. In addition, the company’s stock began trading on the Canadian Securities Exchange (“CSE”) on Nov. 5, 2020. For more information about the company, please visit www.PureExtractsCorp.com.
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