VANCOUVER, Aug. 15, 2018 /CNW/ - PUF Ventures Inc. ("PUF" or the "Company") (CSE: PUF) (Frankfurt: PU3) (OTCPK: PUFXF), an advanced Access to Cannabis for Medical Purposes Regulations ("ACMPR") license applicant, and Natures Hemp Corp., a biotechnology and consumer products company focused on unlocking the true value of the hemp for both B2B and B2C markets, commend Health Canada for the recent changes to Industrial Hemp Regulations and specifically the publication of the Subsection 56(1) Class Exemption in relation to the use of hemp under industrial hemp regulations (flowering heads, leaves and branches).
"Natures Hemp is developing nutrient rich cannabidiol (CBD) food, beverage and healthcare related products and we support any move to lessen the restrictions surrounding industrial hemp production," said Derek Ivany, President and CEO of PUF Ventures Inc. "With the legalization of cannabis in Canada on October 17, 2018, the changes are timely to allow hemp cultivators use the whole plant with their next harvest. It allows for the extraction of CBD from hemp to start immediately and provides a new revenue source for industrial hemp producers. We applaud Health Canada for this exemption to the industrial hemp regulations and the work they do for the cannabis industry."
The Health Canada exemption published by on August 10, 2018, allows licensed industrial hemp cultivator companies to begin to use the whole hemp plant for commercial purposes. Historically, cultivators were required to discard flowering heads, leaves and branches. Under the new exemption effective August 10, 2018, cultivators can harvest, dry, and store industrial hemp flowers, leaves, branches and other waste materials that contain valuable CBD content which can be used to produce food, beverage and other health related products.
About Natures Hemp Corp.
Nature Hemp is a biotechnology and consumer products company focused on unlocking the true value of hemp and developing a new generation of plant-based, nutrient rich cannabidiol (CBD) food, beverage and healthcare related products. It is establishing its own farms to produce high quality organic hemp plants and using a proprietary extraction technology to produce legal hemp fibers and CBD extract. It is also launching a premium brand of quality CBD products with an emphasis on health and wellness. 2 Currently. Natures Hemp is a subsidiary of PUF. Pursuant to the previously announced plan of arrangement between Natures Hemp and PUF, if the plan of arrangement is approved by the shareholders of PUF and the court, it is expected that Natures Hemp will become a reporting issuer.
About PUF Ventures Inc.
PUF Ventures Inc. is a growth oriented and diversified company focused on the international cannabis industry. It has ownership in several cannabis companies: AAA Heidelberg, Solaris Nutraceuticals Pty Ltd., and Natures Hemp Corp., and is actively pursuing other opportunities within the industry. PUF has an option to purchase 100% of AAA Heidelberg Inc., a private Ontario company and advanced applicant for an ACMPR license. Solaris Nutraceuticals is building the largest medical cannabis greenhouse in the Southern Hemisphere. For more information please visit: www.puf.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
Derek Ivany, President & CEO
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Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.