VANCOUVER, Nov. 29, 2016 /CNW/ - PUF Ventures Inc. (the "Company") (CSE: PUF) (Frankfurt: PU3) (OTCPK: PUFXF) is pleased to announce that further to its news release of October 18, 2016, the Company has received notice from Health Canada that it has upgraded from position 17 to position 14 in respect of its Access to Cannabis for Medical Purposes Regulations ("ACMPR") application for AAA Heidelberg.
Since successfully completing and exiting the "Security Clearance" stage in late October of 2015 which is the most difficult milestone, the Company has been steadily progressing through stage 5, the "Review" stage. While advancing through the numerous stages of the ACMPR licensing process, AAA Heidelberg has accomplished a significant build-out of the wholly owned facility in London, Ontario. The Company has met the highest level of pharmaceutical standards and the facility features a state of the art HVAC and Surna Water Chilled Climate Control system. These systems provide the backbone of the facility's automated control for temperature, light, humidity, carbon dioxide, and special ventilation for bacteria regulation. Additionally, grow lights, tracking software and auxiliary hardware have also been installed. Once the Company receives final approval from Health Canada, it will be in a position to grow its first crop within 30 days of receiving such approval because the build-out is already 90% complete and paid for.
"We are pleased with the continued advancement through stage 5," stated Derek Ivany, President and CEO of the Company. "While we eagerly await further notification from Health Canada, the management team and board of directors have been working with our advisors and consultants on a detailed plan that outlines the final steps for completion of the AAA Heidelberg facility." Mr. Ivany continued, "We are in the advantageous position of having a facility that is substantially built-out. If and when we are granted a 'Pre-License Inspection' (stage 6) we hope to be able to expedite our path to a final license by virtue of having the majority of the necessary facility upgrades already complete."
About PUF Ventures Inc.
PUF Ventures Inc. is moving into the Medical Marijuana Bio Medical sector by purchasing a 100% interest in AAA Heidelberg, a private Ontario company that has applied for an ACMPR license. Although the Company cannot guarantee nor estimate the timing for the issuance of a license to AAA Heidelberg, it is PUF's goal to become the next publicly traded Canadian company to be granted a new medical marijuana production license.
VapeTronix, a wholly owned subsidiary of the Company, is in the process of expanding its 1313 brand of electronic cigarettes, Marijuana Vape delivery devices and associated technologies.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
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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