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TORONTO, Sept. 12, 2018 /CNW/ - Pure Global Cannabis Inc. (TSX.V:PURE; OTC: PRCNF) (the "Company" or "Pure Global" or "PURE") is pleased to announce that it has entered into a Memorandum of Understanding with Evergreen Pacific Insurance Corp. ("Evergreen Pacific") pursuant to which Pure Global's wholly owned subsidiary, PureSinse Inc. ("PureSinse"), will become a merchant partner for the launch of BuyWell.com, which aims to be the preeminent Canadian marketplace for health and wellness products and services.
PURE will engage with BuyWell.com customers for making available medical cannabis products and a broad range of paramedical extracts on its e-marketplace. BuyWell.com, a subsidiary of Evergreen Pacific, is launching its e-marketplace in September 2018, which will include more than 10,000 curated health and wellness products and services, to be marketed to the discerning alternative health consumer. Pure Global is focused on patient-centric outcomes and will join the initial cohort of Licensed Producers to BuyWell.com.
Malay Panchal, President & CEO of Pure Global stated: "This is a great partnership for both PURE and Evergreen Pacific. As a patient focused company also in pursuit of improving health and wellness of Canadians, we believe providing insurance coverage to cannabis patients in Canada is critical and for patients to have choice and accessibility to our quality products. We therefore are proud to align ourselves with BuyWell.com on launching their offerings which are very important and long overdue for medical cannabis patients."
Evergreen Pacific is the parent company of Markers Financial Inc. ("Markers"), which is the founding sponsor of The Alternative Health Association of Canada. Markers provides broad extended health care coverages, including the first guaranteed issue insurance coverage for medical cannabis prescriptions for individuals. Similar to the way in which dental insurance is administered in Canada, medical cannabis producers licensed by Health Canada will be paid directly by the insurer, such that patients will never be out of pocket for the cost of their prescriptions. Policies will be customized to each insured's actual requirements, with no caps, exclusions or restrictions based on pre-existing conditions. All medical cannabis producers licensed by Health Canada are eligible to participate in this program.
Robert Wilson, Chief Executive Officer of Evergreen Pacific, commented: "We are excited to have Pure Global as an LP launch partner. We are highly focused on patient outcomes, delivering only the best alternative health and wellness products and services to Canadians. As a leading medical cannabis producer in Canada, Pure Global will offer world-class medical cannabis products and extracts, and we look forward to working together."
Debenture Financing Update
Pure Global also wishes to confirm that the anticipated closing date for the previously announced convertible debenture financing (the "Offering") will be on or about September 13, 2018.
The net proceeds of the Offering are intended to be used primarily to fund the acquisition of a 60% interest (the "Acquisition") in Sativa Nativa S.A.S. ("Sativa Nativa"), a Colombian subsidiary of Avicanna Inc. ("Avicanna"). Completion of the Acquisition is subject to customary conditions for an investment of this nature, including satisfactory due diligence and the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange, and consents in Colombia and Canada. If the Acquisition is not completed, the Company intends to use the net proceeds of the Offering to fund alternate acquisition opportunities, organic growth initiatives and for general working capital purposes.
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.
About Evergreen Pacific Insurance Corporation
Evergreen Pacific is a financial services holding company which owns, operates, and acquires businesses involved in designing, developing and distributing highly innovative insurance products and risk management solutions to individuals and businesses across Canada. Founded in 2017, Evergreen Pacific is headquartered in Toronto, Canada.
This news release contains certain forward-looking statements, including, but not limited to, statements about Pure Global's future plans and intentions. Forward-looking information includes, without limitation, statements regarding the Company's partnership with Evergreen Pacific, the launch of BuyWell.com, the Company's ability to complete the acquisition of an interest in Sativa Nativa S.A.S. and the use of proceeds from the Offering. 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: 1-866-899-PURE (7873), E-mail: email@example.com; Malay (Mel) Panchal, President & CEO, Telephone: 1-866-899-PURE (7873), E-mail: firstname.lastname@example.org