Pure Extracts Technologies Corp., a plant-based extraction company focused on cannabis, hemp and the rapidly emerging psychedelic sector, is pleased to provide a brief summary of recent activities.
The fall season has arrived, and with it an ongoing lessening of Covid-19 health measures. This is providing a return to a degree of normalcy here in Canada. Continued optimism is driving business momentum resulting in an increase in activity throughout every aspect of our enterprise operations. Since our last update, the growing wave of nationwide optimism positions the Company to report on several positive activities we can offer our growing base of partners, stakeholders and shareholders alike.
Market Awareness and Product Distribution
Our first and strategically most important update is that Pure Extracts’ products are now listed for sale at licensed outlets throughout British Columbia (BC), Alberta (AB), Saskatchewan (SK), and Ontario (ON). The product mix encompasses 24 SKUs currently available in each respective provincial recreational cannabis market, and further offers 9 SKUs specifically targeting the medical cannabis supply chain. To-date, Pure Extracts has manufactured approximately 50,000 vape carts and approximately 100,000 gummie packs to support retail sales.
The product lineup has been increased to include a one-gram vape cart which has met with positive consumer uptake. The THC version is in the initial launch phase in BC and AB with the CBD version in ON. Repeat orders of the one-gram product SKU had already been received at the start of the current fiscal quarter.
Pure Extracts’ CBD gummies, offered in their sector-leading unique blister packaging, continue to report uniformly growing market share across all four of the provinces. Medical sales continue to expand through the Abba Medix sales platform, notably in the CBD gummie product lineup. Leading sales figures focus clearly on our ultra-high potency CBD 50, 75 and 100 mg packs.
Our in-house services have also experienced substantial growth in recent months. The two most active services include our white label and tolling business development for industrial-scale customers. We are extremely pleased to have signed three new white label programs for the production of vape cartridges and two of these customers are concurrently tolling their biomass through our services.
New Product Development
Pure Extracts’ development team has identified a new infused-product trend in the cannabis industry and will be executing an unveiling and product launch aimed at new product SKU’s targeting the Canadian marketplace withing the next quarter. Until then, we are keeping details to a minimum as we hope to earn marketing leverage of a very underserved product mix that we believe will position well with our brand identity and distribution ability.
Sales & Marketing
Enhanced social media & sales support strategy:
- Our dedicated Pure Extracts social strategy (Pure Pulls and Pure Chews) now includes daily posting of a curated feed promoting organic engagement across Instagram, Twitter, Facebook and LinkedIn.
- Creation of a dedicated Pure Mushrooms social strategy (for Maitake, Reishi, Lion’s Mane) including daily curation of information promoting organic engagement across Instagram, Twitter, Facebook and LinkedIn
- Ongoing effort and close collaboration with Cannavolve, our national cannabis sales agency and their team on the ground across Canada to promote and secure additional points of purchase for Pure Pulls and Pure Chews
- A full complement of sales material has been developed to support sales activities in the field.
- Product knowledge training is actively underway for field sales reps and budtenders (both on-site and virtually).
Michigan Facility Update
In Michigan, the facility build-out continues to progress as the engineers finalize their renovation plans for the existing building. Pure Extracts business development and sales team has toured the Michigan market with our JV partner resulting in meetings with some of their 100+ existing dispensary clients as part of the process to develop specific products tailored to regional consumers. The operations team has identified a head extractor to manage the Michigan facility once in operation. The nominee brings deep cannabis extraction experience especially regarding live rosin and live resin production expertise.
Mushroom Sector Business Development
Our functional mushroom business continues to advance with the development of two new product SKUs including a Lion’s Mane formulation set for launch in December and a Blended product formula scheduled for launch in the first quarter of 2022. Implementation with Amazon Canada experienced some initial issues which have been overcome and we are now on-track to offer cross-border sales with the commencement of a marketing campaign focused on gaining segment visibility and sales penetration of our Pure Mushrooms brand.
Concurrently, our psilocybin enterprise continues to move forward with a joint venture (JV) between Pure Extracts and Psyence Group as Pure Psyence Corp. The JV is structured to formulate a psilocybin extract derived from Psyence Group’s high-potency psychedelic mushroom biomass for 2 clinical trials to be undertaken under the auspices of two prestigious Canadian universities.
Responses from Health Canada regarding our Dealers Licence application are pending, with a successful outcome aimed at allowing us to directly handle controlled substances at our extraction facility in British Columbia.
Near Term Summary
Our near-term goals include product launches in a soon-to-be-named Eastern Canadian province, and the listing of our products through a relationship with a national pharmacy chain. We continue to focus on distribution to medical patients through specific channel partners, with additional medical SKUs planned for 2022.
As anyone following the Pure Extracts story since our inception in the Fall of 2020 can readily attest to, an incredible effort has propelled the Company forward across multiple fronts. We are very grateful to have the opportunity to work with such a dedicated and committed team who really pulled together as our entire society has had to struggle against unprecedented conditions. It’s a real joy for us all to know we have earned the trust and loyalty of so many consumers, partners and shareholders who share our vision for success. As we head towards a new year, we remain focused on growth, innovation, and value generation. We invite everyone to stay engaged with us, either through social media or by signing up on our website for regular news alerts, because we will have much more to talk about in the months ahead.
About Pure Extracts
Pure Extracts Technology Corp. features an all-new, state-of-the-art processing facility located just 20 minutes north of world-famous Whistler, British Columbia. The bespoke facility has been constructed to European Union GMP standards aiming towards export sales of products and formulations, including those currently restricted in Canada, into European jurisdictions where they are legally available. Pure Extracts was granted its Standard Processing License by Health Canada under the Cannabis Act on September 25, 2020, and its Sales Amendment on July 19, 2021. The Company’s stock began trading on the Canadian Securities Exchange (CSE) on November 5, 2020. Find out more at https://pureextractscorp.com/