TORONTO, Jan. 29, 2019 /CNW/ - Pure Global Cannabis Inc. (TSX.V:PURE; OTC: PRCNF; FRA:1QS) (the "Company" or "Pure Global") an integrated, growth-oriented life sciences and consumer products cannabis company, through its wholly-owned subsidiary PureSinse Inc. ("PureSinse"), is pleased to announce it has entered into a definitive agreement to purchase all of the outstanding shares of SPRQ Health Group Corp. o/a SPARK ( "SPARK"), a Brampton-based cannabis clinic helping patients to obtain safe access to medical cannabis with in-clinic, telephone, and telehealth based consultations (the "Transaction"). Subject to TSX Venture Exchange approval, the Transaction is expected to close on or about January 30, 2019. SPARK will operate as a wholly-owned subsidiary of Pure Global.
Headed by Dr. Sanjeev Goel, SPARK commenced providing medical cannabis services in September 2017, and currently cares for over 2,500 active patients. A leading-edge practice located in the heart of Brampton, the clinic is located adjacent to a large family medical practice and will serve as a referral point for physicians across Canada who are not familiar or comfortable with prescribing cannabis.
SPARK offers personalized and innovative team-based care, leveraging clinical tools such as genetic testing and tailored education in order to ensure the effective and safe medical use of cannabis for its patients. Physicians and pharmacists can refer patients to SPARK for consultations and specialized care involving medical cannabis at no cost. Patients across Canada can access SPARK through telemedicine, video conferencing, or through a nurse telephone consultation, and receive a free medical document within minutes for electronic processing with several Licensed Producer partners, including PureSinse.
Pursuant to the Transaction, Pure Global will pay at closing CAD $100,000 in cash and issue 480,000 shares of Pure Global to the private vendor of SPARK. In addition, Pure Global may issue a maximum of 1,120,000 additional shares of Pure Global based on SPARK achieving certain operational milestones. Dr. Sanjeev Goel will continue as a director of the board of SPARK with the addition of two independent board members whose mandate shall include establishing patient-focused governance.
Further demonstrating its commitment to patient care, Pure Global announces its partnership with HelloMD to mutually extend their medical cannabis offerings to Canadians.
PureSinse will integrate HelloMD's unique white-label telehealth services into its patient portal to enable greater access to practitioner-led advice about medical cannabis. Prospective patients will have online access to licensed healthcare practitioners any time of day, and any day of the week. Patients interested in purchasing medical cannabis from the PureSinse website and who require a Medical Document, can quickly connect with licensed practitioners from the comfort of their own home. Once a patient receives a Medical Document, they can instantly begin purchasing medical cannabis from the PureSinse website.
"Innovative companies like PureSinse focus on developing and distributing next-generation cannabis products to patients. Our goal is to help them acquire and support those patients by simplifying access to advice from licensed practitioners," said HelloMD's SVP of Business Development, Larry Lisser. "Our turnkey approach to cannabis telehealth services makes it easy for our partners to rapidly deploy and start serving patients right away," added Mr. Lisser.
As part of this partnership, HelloMD will also extend overflow and evening and weekend services to patients of SPARK. Leveraging HelloMD's white label services, the clinic will be able to tap into HelloMD's prescriber capacity on an on-demand basis. Together with SPARK, PureSinse will be able to direct patients from across Canada to telehealth services for obtaining a cannabis medical document within minutes for free, 7 days a week.
"Through our acquisition of SPARK and our partnership with HelloMD, we are building a platform to enable personalized medical consultation, education and medical access to patients across Canada as part of our continued commitment to the health and wellness needs of medical cannabis patients," said Malay Panchal, CEO of Pure Global. "In addition, with our partnership with Appletree Medical Group, this acquisition will enable us to efficiently increase our patient volumes more rapidly," added Mr. Panchal.
"As a physician, my vision is to ensure patients receive safe and effective access to medical cannabis that they need for their ongoing health and wellness. I am really excited that the design of the SPARK platform allows us to provide this care at no cost to patients. As PureSinse is committed to making a positive difference every day in the lives of patients, I truly believe our patients will benefit from this partnership. Furthermore, with PureSinse's commitment to investing in clinical innovation and research, I am confident this will move medical cannabis knowledge further," added Dr. Sanjeev Goel, Medical Director of SPARK and Chief Medical Officer for PureSinse.
About Pure Global Cannabis
Pure Global Cannabis Inc. (TSX.V:PURE; OTC:PRCNF; FRA:1QS) is an innovation-based cannabis company led by experienced pharma, biotechnology, horticultural, and consumer packaged goods (CPG) experts. The Company's wholly owned subsidiary, PureSinse Inc., is a licensed producer under the Cannabis Act. The Company's Brampton campus houses facilities for vertically farmed cultivation, R&D, extraction, manufacturing, and distribution. Pure Global will produce branded and white-labeled cannabis products for the medical, pharmaceutical, wellness, health & beauty, natural health, food & beverage, and recreational legal markets with uniquely formulated and purified concentrates. The Company is using the Canadian market as a springboard to develop and manufacture GMP-compliant cannabis products for international sale and distribution with a goal to become one of the most trusted premium international cannabis brands.
About SPARK (SPRQ Health Group Corp)
SPARK provides access to medical cannabis for patients across Canada through in-clinic and telehealth medical consultation services. To date, SPARK has helped over 2,500 patients obtain access to safe and effective medical cannabis and also serves as a referral point for physicians who are still not familiar or comfortable with prescribing cannabis.
HelloMD has facilitated more than 100,000 virtual consults between medical cannabis patients and licensed practitioners. The company's white-label solutions enable third parties to quickly deploy a turnkey telehealth solution, complete with the technology, practitioners and support personnel required to improve their own patient onboarding processes.
About Appletree Medical Group
Appletree Medical Group Inc. (AMG), founded in 1992, is one of Canada's largest multidisciplinary medical groups, providing comprehensive care in Ottawa and the Greater Toronto Area. With its expansive network of family doctors and specialists, and telemedicine services for reaching patients in rural and remote areas, high-quality patient care is provided seven days a week. AMG is dedicated to providing the best environment for all types of practices: family doctors, specialists, acute care, and chronic disease management. Appletree is a two-time winner of 'Best Medical Clinic' in local media, and two-time winner of the Consumers' Choice awards.
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: regarding Pure Global, please contact: Stephen Pynn, VP Corporate Development, Telephone: 1-866-840-PURE (7873), E-mail: [email protected]; Malay (Mel) Panchal, President & CEO, Telephone: 1-866-840-PURE (7873), E-mail: [email protected]