Two Licenses - Canada and Colombia - Total Production Capacity of 132,000 KG expected between the two countries
TORONTO, Aug. 23, 2018 /CNW/ - Pure Global Cannabis Inc. (TSX.V:PURE; OTC: PRCNF) (the "Company" or "Pure Global" or "PURE"), a vertically-integrated, growth-oriented life sciences cannabis company, is pleased to provide the following significant summary of updates to inform shareholders and stakeholders of activities and developments across the organization.
Flagship Canadian Facility - Brampton Campus
- Wholly owned subsidiary, PureSinse Inc. ("PureSinse"), licensed to grow under the Access to Cannabis for Medical Purposes Regulations ("ACMPR"), is anticipating its ACMPR Sales License in the coming weeks
- PURE has successfully completed the Phase 1 build-out and commenced Phase 2 & Phase 3 congruent build-outs with completion expected Q4 2018 and Q1 2019 respectively
- Phase 2: 18,000 sq ft. proprietary multi-ponic vertical production with an expected funded production capacity of 4,000 kg per annum
- Phase 3: total 41,000 sq ft. proprietary multi-ponic vertical cultivation facility with an expected total funded production capacity of 8,000 kg per annum
- PureSinse has also fully secured inventory for product launch in time for October 17th legalization in Canada, and is securing additional product by pursuing and entering into long-term supply agreements. PURE expects revenue generation to commence immediately upon launch
- Initiated manufacturing and design of onsite Good Manufacturing Practice ("GMP"), along with advanced analytical R&D Laboratory for product formulation, derivatives and extracts processing
- Customer acquisition, branding, and sales strategy includes partnerships with major Canadian medical clinics, along with the expected inclusion into future provincial product calls nationwide
Flagship International Facility - Sativa Nativa S.A.S. - Colombia
- Signed binding LOI with Avicanna Inc. ("Avicanna"), as previously announced on August 15, 2018, to obtain a 60% interest in Sativa Nativa S.A.S. ("Sativa Nativa") - with an option to increase the interest to 75%. Sativa Nativa is one of the few entities in Colombia currently licensed by the Colombian Ministry of Justice and Ministry of Health for: (1) the cultivation of psychoactive cannabis, (2) the cultivation of non-psychoactive cannabis, and (3) extraction of cannabis for the manufacture of cannabis derivatives
- Up to 28 hectares (69 acres) of agriculture land with irrigation and infrastructure at the foothills of the Sierra Nevada mountains, Santa Marta, Colombia
- 100,000 sq ft. greenhouse nearing construction completion, along with a 20,000 sq ft. GMP grade state-of-the-art greenhouse
- Expected production capacity of 15,000 kg per annum by Q2 2019
- Sativa Nativa has commenced design of an additional 1 million sq ft. greenhouse with expected production capacity of 150,000 kg per annum by 2020
- Upon completion of the above, Sativa Nativa will have a combined production capacity of 165,000 kg by Q1 2020
- Assuming 75% interest in Sativa Nativa, and the completion of the convertible debenture financing initiated by Pure Global, PURE will have total production capacity of 132,000 kg, in two countries by Q1 2020
- Total growing area for Pure Global is expected to be 904,000 sq ft. between the three 3 facilities
- The Company is evaluating additional high capacity growing methods to increase yield and optional organic standards
- Colombia provides ideal production climate with 12 hours of light year-round, allowing for 4 cycles per year at a fraction of the cost to build and operate facilities, compared to that in Canada – a significant leverage to produce low-cost inputs for value-added products destined for international export markets
- Avicanna Inc. partnership provides access to a comprehensive genetics program resulting in the registration of over 80 genetics and one of the largest characterized and registered genetic bank in Latin America
Malay Panchal, President & CEO of Pure Global stated: "The combined licenses give PURE two high value assets which will be production, processing, R&D, and distribution hubs. One hub is near the heart of Canada's most populous regions including access to 20% of the nation's population. The other hub is in an ideal climatic, industrial region for large scale commercial cannabis cultivation, manufacturing, and global distribution."
Mr. Panchal added, "By securing the lowest input costs possible through the Colombian acquisition, these combined entities will be the foundation of PURE's long-term sustainable and profitable growth plans, with goals of international distribution to every country with medical and future legal adult-use cannabis regulations."
About Pure Global Cannabis
Pure Global Cannabis Inc. (TSX.V:PURE; OTC: PRCNF) is a vertically-integrated, growth-oriented life sciences cannabis company led by experienced pharma-industry, horticultural, consumer packaged goods (CPG), and supply chain experts. The Company's wholly owned subsidiary, PureSinse Inc., is a licensed producer under the Access to Cannabis for Medical Purposes Regulations (ACMPR) focused on producing cannabis products for medical, wellness, health & beauty, natural health, and future legal adult use markets.
This news release contains certain forward-looking statements, including, but not limited to, statements about Pure Global's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Pure Global cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Pure Global assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pure Global Cannabis Inc.
For further information: For further information regarding Pure Global, please contact: Stephen Pynn, VP Corporate Development, Telephone: 1-866-899-PURE (7873), E-mail: [email protected]; Malay (Mel) Panchal, President & CEO, Telephone: 1-866-899-PURE (7873), E-mail: [email protected]