Pure Extracts (CSE: PULL, listing pending) has seen Health Canada grant the firm its standard processing license as of last Friday. The granting of the license now enables the company to legally process and extract cannabis under the Cannabis Act, just five months after the firm applied for such a license.
The company will now be able to push forward with its business model of conducting extraction tolling, white-label production of vape pens and edible products, and the formulation of its own products. For the latter, the company currently has 34 separate proprietary formulations for its own branded product, referred to as “Pure Pulls,” which it expects to do well given the recent price compression of biomass.
In an email to its private investors, the company commented that it is in an “ideal market position,” given the increasing demand for edibles and infused beverages, while the pricing of biomass has fallen considerably, lowering the cost of production for the firm. Further to this, additional outdoor grown biomass is expected to soon hit the market, lowering the cost of input material for Pure Extracts considerably as it looks to ramp production.
“We are thrilled to be commencing production in our new, EU-GMP compliant, purpose built facility and are confident that our state-of-the-art extraction and processing equipment will produce the highest quality cannabis and hemp derived oil available on the market.”
Doug Benville, Founder & COO
Pure Extracts is currently in the process of conducting a reverse takeover transaction with that of Big Sky Petroleum Corporation. The company tentatively has the ticker symbol “PULL” reserved on the CSE.
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