VANCOUVER, June 6, 2017 /CNW/ - PUF Ventures Inc. ("PUF" or the "Company") (CSE: PUF) (Frankfurt: PU3) (OTCPK: PUFXF), an advanced Stage 5 Access to Cannabis for Medical Purposes Regulations ("ACMPR") license applicant, is pleased to announce that further to its news release of November 29, 2016, the Company has received notice from Health Canada that it has upgraded from position 14 to position 8 with respect to its ACMPR application for majority owned AAA Heidelberg.
"We are very pleased to announce our movement to position 8 with Health Canada as we look to advance to the pre-inspection Stage 6 of the ACMPR application process." said Derek Ivany, President and CEO of PUF. "We have been working diligently toward our goal of becoming a vertically integrated medical cannabis producer in Canada, and the jump in position with Health Canada brings us another step closer. Stage 5 has been a long but important process and has allowed us to ready the Company for the pre-inspection phase and ultimately licensing. Our recently announced joint venture agreement, with industry leader Canopy Growth Corp., provides PUF with many benefits including a direct sales channel to the marketplace. As was recently outlined in a Health Canada update, several improvements aimed at streamlining and expediting the application process under the ACMPR program have been implemented. Given our strong balance sheet and our near complete facility in London, Ontario, we are hopeful that we will be benefactors of the amended licensing protocols."
PUF successfully completed and exited Stage 4, the "Security Clearance" stage, and the most difficult milestone, in October 2015. The Company has been steadily progressing through Stage 5, the "Review" stage and has taken the necessary steps to enter Stage 6, the "Pre-Inspection" stage. With several recently announced corporate developments, PUF is updating its business plan to reflect its repositioning as a pure play cannabis producer. It is also taking steps to update its ACMPR application with Health Canada to include Canopy Growth Corp. as the Company's sole client.
About PUF Ventures Inc.
PUF Ventures Inc. owns a majority interest in AAA Heidelberg, a private Ontario company that is in Stage 5 of 7 in its application for an ACMPR license from Health Canada. PUF has an option to acquire the balance of shares to own 100% of AAA Heidelberg upon receipt of the ACMPR license. Through an exclusive joint venture agreement with Canopy Growth Corp., PUF will join CraftGrow, a collection of high-quality cannabis grown by a select and diverse set of producers, made available through the Tweed Main Street website. While it cannot guarantee nor estimate the timing of the issuance of a license to AAA Heidelberg, it is management's goal to become a leading supplier of medical marijuana in Canada.
VapeTronix, a wholly owned subsidiary of the Company, is in the process of developing Weedbeacon, and expanding its 1313 brand of electronic cigarettes, marijuana vape delivery devices and associated technologies. For more information visit: www.puf.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
SOURCE PUF Ventures
For further information: Suite 804 - 750 West Pender Street, Vancouver, BC, V6C 2T7, T: (800) 783-6056, F: (604) 685-6905, W: www.pufventures.com