VANCOUVER, Oct. 4, 2017 /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, is pleased to provide an update on the progress made at its majority owned AAA Heidelberg growing facility in London, Ontario. Since June 27, 2017, when the Company announced a facility update, the management team has been working with David Hyde and other consultants to complete the buildout of the facility in preparation for notice to Health Canada. While the bulk of the items have been finished, there was a need to update the overall security plan.
"I have been working with the AAA Heidelberg team throughout the ACMPR process to ensure that the facility is meeting or exceeding all facility requirements including security," said David Hyde owner and principal consultant at David Hyde and Associates. "Our most recent audit of the London, Ontario facility shows the team is committed to the process and are closing in on their proof of readiness submission to Health Canada. I look forward to continuing to work with both AAA Heidelberg and the parent company PUF Ventures as they look to expand their cannabis business beyond the borders of Canada."
Since late June, the Company has completed the following items and facility upgrades:
- Installation of an air purification unit
- Renovation of office space and employee break areas
- Sanitization and purification of the facility
- Installation of perimeter security fencing
The final step is the security system installation.
The PUF management team is committed to installing the most up-to-date growing and security technologies in its Canadian and international facilities. To meet this objective, the team recently traveled to Smith Falls, Ontario to visit Canopy Growth's Tweed operation which is housed in the famous former Hershey Chocolate factory at 1 Hershey Drive. The overall operation comprises 40 acres of land with over 500,000 sq. ft. of available space. Tweed occupies 168,000 sq. ft. of licensed production space, plus office space where Canopy's head office is located. As the leader in cannabis production, Tweed's operation is lean, automated and data-driven, with an R&D facility, oil extraction infrastructure, and in-house lab. Precise climate controlled rooms for each stage of cannabis production, from clone to cured bud, allows for the highest quality and widest variety of product in the sector.
"We are working closely with David Hyde and heeding his advice to ensure that our facility is ready for Health Canada," said Mr. Derek Ivany, President and CEO of PUF. "By installing a state-of-the-art security system as recommended by Mr. Hyde, we will be able to submit our proof of readiness. Our recent meeting and tour of the Canopy Growth grow facility in Smith Falls, confirms we are on target with operating platform of the London, Ontario facility. We are now focused on building a global brand with expansion into the European and Australian markets, and as the Canadian government moves closer to legalizing recreational use of cannabis, we will continue to move forward creating shareholder value by also expanding the number of market verticals the Company is involved in."
About PUF Ventures Inc.
PUF Ventures Inc. owns a majority interest in AAA Heidelberg Inc., a private Ontario company that is an advanced applicant for an ACMPR license from Health Canada. The Company has an option to acquire the balance of shares to own 100% of AAA Heidelberg Inc. upon receipt of the ACMPR license. Through a supply agreement with Canopy Growth Corp., the Company has joined CraftGrow, a collection of high-quality cannabis grown by a select and diverse set of producers, made available to the Canadian market through the Tweed Main Street website. While it cannot guarantee nor estimate the timing of the issuance of a license to AAA Heidelberg Inc. it is management's goal to become a leading supplier of medical marijuana in Canada.
PUF Ventures Inc. owns a majority interest in PUF Ventures Australia ("PVA"), a private company with a purchase option on 27-hectares of land near the town of Casino, New South Wales. PVA is constructing a one million-square-foot greenhouse operation with large scale manufacturing and processing facilities for the cultivation, harvesting, processing of medical cannabis and associated products in Australia.
Weed Points Loyalty Inc. (formerly Vapetronix Holdings Inc.), a wholly-owned subsidiary of the Company, developing the first loyalty program that targets the emerging cannabis market by leveraging expertise and technology to create a platform that will allow producers, patients, and consumers to interact and define the future face of cannabis commerce. It is also developing WeedBeacon, a marijuana tracking technology.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
PUF Ventures Inc.
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
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.
SOURCE PUF Ventures
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