Any industry forecast for double-digit growth is one worth keeping an eye on. When experts are calling for mid-double-digit annual market growth, like that of CBD-infused products, it’s worth a head turn and a stare. Meticulous Research this month forecast this market to experience compound annual growth of 48.1% from 2020 to 2027 to reach $165.7 billion. That falls right into the sweet spot for Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a plant-based extraction company focused on cannabis, hemp, functional mushrooms, and the burgeoning psychedelic sector. The protracted demand for CBD, an acronym for cannabidiol, aligns with the Company’s strategy to leverage sales for legal cannabis and hemp products while the psychedelic markets develop.
A first mover with highly technical expertise in plant extraction processes, the Company operates a purpose-built EU GMP compliant facility north of Whistler, British Columbia. Business has been booming for Pure Extracts. During a span of eight days, the Company announced commencing production of approximately 50,000 Pure Chews edible gummie packs and then 25,000 vape cartridges for the Canadian retail markets. Cumulatively, the production runs were estimated to produce about $950,000 in revenue for the Company (https://ibn.fm/xCKKE).
Only a few days after that news, the Company said it landed a new tolling agreement for the extraction of 80-85% pure CBD distillate from an initial 500 kilograms (~1,102 pounds) of hemp biomass (https://ibn.fm/D0Qrf). Tolling agreements are contracts to put a specified amount of raw material through a processing facility during a certain period of time for a fixed price.
As it happened, the three separate developments demonstrated Pure Extracts’ growth verticals for in-house brands and toll processing, which complement a third avenue of white labeled products for partners.
The biomass was sourced from one of Pure Extracts’ preferred suppliers and has a CBD potency of just over 10 percent. This biomass, with its specific particulate mill size, runs very efficiently on Pure Extracts’ Vitalis R200 sub/super-critical CO2 extraction system. Once processed, the high degree of purity in the CBD extract makes it an ideal ingredient for any number of finished consumer goods, such as topicals, beverages, edible gummies, chocolates and vape cartridges.
“We are pleased to have entered into this tolling agreement and to have taken delivery of the first 500 kg of milled hemp biomass,” said Pure Extracts CEO Ben Nikolaevsky in a statement. “We are very familiar with this particular biomass having used it before in the manufacturing of our in-house, branded products, so we know it extracts very well,” he added.
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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