VANCOUVER, July 12, 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, has executed a binding purchase and sale agreement whereby the Company will acquire the property immediately adjacent to its current AAA Heidelberg facility in London, Ontario, so as to increase its potential cultivation space by approximately 300%. The adjacent property has an equal footprint of half an acre and the Company estimates that this extra space will allow for a potential facility expansion to 35,000 square feet from its current 8,800 square feet. At this time, PUF will not be seeking an immediate amendment to its currently contemplated ACMPR application. Rather, if and when a license is granted, the option to substantially increase the facility scale will afford PUF a greater opportunity to grow additional specialty strains in conjunction with its recently consummated joint venture agreement with Canopy Growth Corp. as a member of its exclusive CraftGrow program.
"The opportunity for PUF to expand its cultivation facility by almost 3 times will allow for a more diversified option of strain production along with the economic advantages available to a larger grow-space," said Mr. Derek Ivany, President and CEO of PUF. "With the legalization of recreational marijuana on the horizon and as the maturation of the ACMPR program continues, it has become apparent that a certain level of cultivation capacity and scale will be necessary to remain competitive on a national level. We will continue to seek out opportunities to grow our business as we look to become a leading producer of medical and recreational marijuana in Canada and international markets."
As previously announced, the Company remains focused on the completion of the remaining upgrades to the current AAA Heidelberg facility. Now that the strategic acquisition of the neighbouring property has been finalized, PUF will be able to factor in specific considerations in respect of final security upgrades such as perimeter fencing and façade completion, so as to account for an expedited build-out if and when the Company is successfully licensed and embarks on the expansion of its cultivation platform.
About PUF Ventures Inc.
PUF Ventures Inc. owns a majority interest in AAA Heidelberg, a private Ontario company that is an advanced applicant 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: (647) 241-4767 / F: (604) 685-6905 / W: www.puf.ca