Pure Extracts (CSE: PULL) has engaged a globally recognized operations, compliance and regulatory consulting firm as of this morning. The consultant is set to advice to company on its application with Health Canada for that of a Dealers License, under the Controlled Drugs and Substances Act.
The acquisition of a dealers license will enable the company to engage in a number of activities, including the procurement of controlled substances, which includes the cultivation and harvesting of psychedelic mushrooms for psilocybin extraction, as well as the research and manufacture of controlled substances, the business to business sale of such substances, and the sale of such controlled substances through that of pharmacies.
By acquiring a dealers license, it will effectively give Pure Extracts the ability to conduct extraction research and development for psychedelic compounds, like psilocybin and psilocin. As a result, the company would thereby by eligible to collaborate with partners such as pharmaceutical firms, pharmacies, and doctors.
“Having the support of one of Canada’s premiere consulting companies with subject matter proficiency in cannabis and other regulated consumer product industries assures that we will submit a fully-compliant Dealers Licence application to Health Canada in the shortest time possible. 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.”Ben Nikolaevsky, CEO of Pure Extracts
Pure Extracts last traded at $0.69 on the CSE.
FULL DISCLOSURE: Pure Extracts is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Pure Extracts on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.