In a recent virtual townhall, Canadian Health Minister Patty Hajdu disclosed that the Canadian government has recently granted access to psilocybin or “psychedelic” mushrooms to several physicians for use in patients with addiction and/or mental health issues (https://ibn.fm/j9ZAO). In line with anticipated legislation expected to loosen restrictions on psilocybin mushrooms, Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a Canadian plant-based extraction company with a new vertical in functional mushrooms, is currently positioning itself to be the dominant extraction company and leader in the rapid development and commercialization of functional and medicinal products.
Hajdu’s comments were part of a discussion on several health-related topics at a recent Vancouver B.C. virtual townhall with the Honourable Hedy Fry, a Canadian parliament representative. In response to Fry’s questions concerning the use of psilocybin mushrooms, Hajdu disclosed that the government was taking the discussion into the mainstream by granting some physicians access to the mushrooms for testing purposes.
“Health Canada approved some physicians access to psilocybin mushrooms to test,” said Hajdu. “We are still testing these mushrooms and their effects, and we are taking these discussions out of the shadows and into more of a mainstream conversation.”
In anticipation of relaxed laws around the use of psilocybin mushrooms, Pure Extracts is building-out its existing cannabis-processing infrastructure to accommodate mushroom extraction processes as part of its overall market penetration strategy. The Company operates out of its state-of-the-art facility in British Columbia, Canada that is built to European Union GMP standards for the purpose of obtaining EU-GMP certification in order to export to European countries, where both cannabis and functional mushroom products are legal for sale and consumption.
Rather than operate in the saturated cultivation market, Pure Extracts instead purchases in bulk from Licensed Producers for further extraction processing via a Health Canada Standard Processing License granted to Pure Extracts Manufacturing Corp., its wholly-owned subsidiary. Along with both cannabis and hemp biomass processing and white labeling for Licensed Producers, the Company has also developed private label products that include the mushroom-based ‘Pure Mushrooms’ line and the ‘Pure Pulls’ line of cannabis products.
“We intend to launch these products in Q1 from an online portal that we are developing,” said Pure Extracts’ CEO, Ben Nikolaevsky (https://ibn.fm/VIK6n). “Functional mushrooms have been identified as the new ‘wonder’ product in the wellness space and have been rapidly growing in popularity, so this is a very exciting move for us.”
Pure Extracts was incorporated under the British Columbia Business Corporations Act and is headquartered just north of Whistler, British Columbia. Along with being granted its Standard Processing License by Health Canada on September 25, 2020, the Company also started trading on the Canadian Securities Exchange on November 5, 2020 under the symbol “PULL”.
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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