- Pure Extracts entered into two large biomass purchase agreements, plans to ramp up production of high-potency THC and CBD extracts in 2021
- Company expects historically low biomass purchase price will produce $590,000 revenue
- Company recently announced DTC eligibility of common shares for increased settlement and clearance speeds, wider access to brokerage firms
Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a plant-based extraction company that focuses on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelics sector, recently entered into two substantial cannabis biomass purchase agreements (https://ibn.fm/Vbyxp) in addition to announcing that its common shares are now eligible for electronic clearing and settlement through The Depository Trust Company (“DTC”) in the United States (https://ibn.fm/BpksL).
“DTC eligibility is a major step forward in increasing liquidity, broadening our shareholder base and building a strong presence for our company within the US capital markets sphere,” said Pure Extracts’ CEO Ben Nikolaevsky. “This is an important step in amplifying our story to a wider audience.”
Along with its new functional mushrooms vertical, Pure Extracts is a leader in the development, production and commercialization of cannabis extracts in Canada, valued by Deloitte at $2.7 billion annually (https://ibn.fm/y1QKv). The company recently announced that it is leveraging historically low cannabis prices by entering into agreements to purchase 220 kilograms of high-potency THC cannabis flower from a large Canadian licensed producer along with 1,000 kilograms of high-potency CBD hemp biomass from a top cultivator in Western Canada.
The company expects to produce full spectrum THC and CBD oils and distillates from the biomass with minimum purities of 66% and 85%, respectively. The two biomass purchases are expected to yield approximately 70 kilograms of CBD distillate and 25 kilograms of THC distillate with total revenue estimates of $590,000 for both the oil and distillate products based on wholesale prices of $6,000/kg for the CBD biomass and $6,800/kg for the THC biomass.
“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 Nikolaevsky. “We are looking forward to showcasing our world class products and consistently ramping-up revenue this year.”
Pure Extracts recently commenced trading on the Canadian Securities Exchange (“CSE”) under the symbol “PULL” and can be found on the Frankfurt Stock Exchange under the WKN number “A2QJAJ”. The company’s common shares are quoted on the U.S. OTC market under the symbol “PRXTF”, and its recent DTC eligibility will enable the company to be cleared and settled at an accelerated rate in addition to increasing access for a wider range of brokerage firms.
Headquartered just north of Whistler Mountain in Pemberton, British Columbia, Pure Extracts is a plant-based extraction company with a focus on cannabis, hemp, functional mushrooms and the emerging psychedelic sector. The company’s all-new, state-of-the-art processing facility is constructed to European Union GMP standards with an aim to export CBD and THC extracts and mushroom products into jurisdictions where sale and consumption are permitted.
For more information, visit the company’s website at www.PureExtractsCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to PULL are available in the company’s newsroom at https://ibn.fm/PULL
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The post Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) Enters Large Cannabis Biomass Agreements to Scale Up Extract Production, Announces DTC Eligibility of Common Shares in the U.S. appeared first on PsychedelicNewsWire (PNW).
