Functional mushrooms, those that provide a health benefit beyond just nutrition, are growing in popularity worldwide amid an accelerating trend to fend off viruses with immune-boosting food and drinks. Looking to seize part of a global functional mushroom market forecast by Data Bridge Market Research to hit $555.9 billion by 2028, Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) is checking the boxes to soon commercialize its new line of products.
Pure Extracts, a diversified plant-based extraction company with reach into cannabis, hemp, functional mushrooms and the burgeoning psychedelics sector, recently received a Company Code from Canada’s Natural and Non-prescription Health Products Directorate (“NNHPD”), an important step in moving towards sales. The code allowed the Company to submit an application for a Class 1 Natural Product Number, or NPN for short, for its first functional mushroom product.
Products that receive an 8-digit NPN have been assessed by Health Canada and deemed to be safe, effective and of high quality under the recommended conditions of use. Once approved, the NPN is added to the Licensed Natural Health Products Database where information about the product is available for viewing. The database includes information on a variety of natural health products, such as vitamin supplements, herb and plant-based remedies, probiotics, traditional medicines and more.
Pure Extracts intends to submit additional NPN applications during 2021 as part of its strategy to develop a portfolio of functional mushroom wellness products to sell through Pure Mushrooms Corp., its new, 100%-owned, subsidiary. Pure Mushrooms will employ a direct-to-consumer model, selling its goods through an e-Commerce portal being designed while the licensing process is under way. The new products will be sold under the “Pure Mushrooms” moniker.
Initially, the Company will work with a co-packer to meet consumer demand for Pure Mushrooms products while it explores optimizing existing extraction equipment at its state-of-the-art processing facility outside of Whistler, British Columbia. Planning ahead, Pure Extracts, which holds a Standard Processing License from Health Canada allowing it to manufacture cannabis goods, had its purpose-built facility constructed to meet Good Manufacturing Practices standards of the European Union, aligning for future global distribution of products and formulations were allowed by law.
Pure Extracts CEO Ben Nikolaevsky commented that his team is excited about the milestones ahead to enter the functional mushroom wellness sector that is experiencing “tremendous growth and consumer awareness.” He added that the company expects sales of the new products to begin by the end of this quarter.
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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