TORONTO, June 13, 2019 /CNW/ - Pure Global Cannabis Inc. (TSX.V: PURE; OTC: PRCNF; FRA: 1QS) ("Pure Global"), an integrated growth-oriented sciences and consumer products cannabis company, operating through its wholly-owned subsidiary PureSinse Inc. ("PureSinse" or "Company"), is pleased to announce they closed on the acquisition of The Great Canadian Hemp Company, Ltd. ("GCHC") along with the completion of a supportive and strategic distribution agreement with Eurocan Trading – PFoods SA Joint Venture Group ("Eurocan"). Eurocan is a brokerage and sales agency that has established relationships with major retailers in the United States, Europe, and Asia.
The acquisition of GCHC will allow Pure Global to benefit from a holistic brand with a dedicated and loyal audience. It also allows Pure Global to leverage their internal capabilities to manufacture and sell organic, vegan, hemp-based, all-natural skin and hair products. With the help of Eurocan, Pure Global will now enter into the global high-growth health and wellness Consumer Packaged Goods ("CPG") market with sights set on servicing the massive demand for hemp oil and CBD products.
"GCHC's extensive line of unregulated CPG health and wellness products is the perfect compliment to our cannabis strategy," said Pure Global's President & CEO, Malay Panchal. "While medicinal cannabis remains a priority for us, the acquisition of a true wellness brand will gain us access to a global marketplace. We are very pleased to welcome the founders of GCHC, Edan Wolk and Melissa L'Heureux-Hache to the Pure Global family. Both bring a strong passion for promoting wellness and sustainability through their plant-based botanical line of products."
To support this cornerstone acquisition, Pure Global is excited to announce an exclusive distribution agreement with Eurocan that covers several international markets. This distribution deal will give GCHC category exclusivity with Eurocan for its hemp oil and CBD infused health, beauty, food and beverage product lines, giving Pure Global a major advantage in the ever-expanding hemp and CBD markets in the United States, Europe, and Asia. The initial target markets will be Germany, Romania, United Kingdom, Japan, and South Korea, where there is a very high demand for Canadian CBD and hemp oil infused products. Eurocan currently represents over 70 brands, distributing products to the Canadian, European, American, and Asian markets with access to chains such as; Tesco, Carrefour, Whole Foods, Rewe, Auchan, Aldo, Metro, Costco Wholesale, PetSmart, Marks & Spenser, 7-Eleven, Walmart, among many others.
"It is certainly an exciting time for Pure Global as we now see our CBD and hemp oil strategy moving forward in a big way with extensive international distribution", commented Pure Global's President & CEO, Malay Panchal. "With the recent Farm Bill and changing regulatory landscape for CBD products globally, high quality hemp oil and CBD infused products represent a huge global opportunity for Canadian exports, in which we will continue to develop our business," further added Mr. Panchal.
With the acquisition of GCHC, Pure Global remunerated GCHC shareholders with $560,000 with $60,000 payable in cash and $500,000 payable through the issuance of common shares in the capital of Pure Global at a price equal to $0.20 per share to be held in escrow and released pursuant to a 24-month schedule, as referred to in a news release issued by the Company on April 18, 2019.
About Pure Global Cannabis
Pure Global Cannabis Inc. 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, craft, and recreational legal markets with uniquely formulated and purified concentrates and dried flower. The Company is using the Canadian market as a springboard to develop and manufacture GMP-compliant premium quality cannabis products for international sale and distribution with a goal to become one of the most trusted premium international cannabis brands.
About the Great Canadian Hemp Company
Great Canadian Hemp Company is an Ottawa-based company devoted to promoting wellness and sustainability through natural care. The Company creates products that are gentle, effective and easy to use, without the use of chemicals, synthetics or unnecessary fillers. The Company's ingredient lists are clear and simple, containing only pure, plant-based botanicals. Everything we make is 100% Vegan and Cruelty-Free. For more product information, please visit the Company's website at www.greatcanadianhemp.com.
About Eurocan Trading – PFoods SA Joint Venture Group
Eurocan Trading – Preferra Foods SA Joint Venture Group represents manufacturers from all over the World in the Canadian, European and USA markets. The Company offers brand management services for Canadian & USA manufacturers to Europe, Japan & South Korea, and for European manufacturers to Canada & USA, Japan/South Korea– connecting manufacturers with major retailers & club store chains, private label, major importers, gas & convenience and food service. For more information, please visit the Company's website at www.eurocantrading.com.
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: 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]