Expands Grow Facility Plan by 20%
VANCOUVER, Nov. 14, 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, is pleased to announce that PUF Ventures Australia has filed three applications with the Australian Office of Drug Control for the cultivation, production and manufacture of cannabis at the Northern Rivers Project, a proposed 1,200,000 square foot greenhouse and extraction facility in Richmond Valley Shire New South Wales, Australia. The applications, if successful, will allow PUF Venture Australia to take cannabis from seed to finished product.
PUF Ventures Australia also announces that after further analysis, the greenhouse and extraction facility will be 1,200,000 square feet in area, 20% larger than first announced. The Northern Rivers Project is working with experts in Australasia and Canada in support of the application with the Australian government.
"We fully expect our application to be successful and are moving ahead with building permits, infrastructure, and other applications to support the Northern Rivers Joint Venture Project," said Michael Horsfall, CEO of PUF Ventures Australia. "We have assembled a world-class team in Australia and Canada who are committed to building the largest medical cannabis project in the southern hemisphere. I am also pleased to announce that we have increased the overall scale of the project by approximately 20%, as we see the demand in Australia and the potential of exporting cannabis products growing exponentially."
"I am very impressed with the speed the Northern Rivers joint venture project is moving and look forward to seeing the first crop planted in late 2018," said Derek Ivany, President and CEO of the PUF. "The scope of the Northern Rivers Project is impressive and the support from local authorities has been incredible. As we continue to focus on becoming a licensed producer in Canada, we are also aggressively pursuing other opportunities like Natures Hemp in Canada and the North River project in Australia."
Northern Rivers Project
The Northern Rivers Project is a joint venture between PUF Ventures, PUF Ventures Australia, and MYM Nutraceutical, to build a 1.2 million square foot greenhouse operation on a 27-hectare parcel of land near the town of Casino in northern New South Wales, Australia. The operation when complete will include large-scale greenhouse, manufacturing, processing and office facilities for the cultivation, production and manufacture of medical cannabis and associated products in Australia. The first phase of the project will cover approximately 300,000 square feet, which will be the largest medical cannabis greenhouse in Australia. Based on current construction timelines, permitting and various Australian approvals, the first crop is expected to be planted in the fourth quarter of 2018.
MYM Nutraceuticals Inc. is an innovative company focused on acquiring Health Canada licenses to produce and sell high-end organic medicinal cannabis supplements and topical products. To ensure a strong presence and growth potential within the industry, MYM is actively looking to acquire complementary businesses and assets in the technology, nutraceuticals and CBD sectors. MYM shares trade in Canada, Germany and the USA under the following symbols: (CSE: MYM) (OTC:MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
About PUF Ventures Inc.
PUF Ventures Inc. (CSE: PUF) (Frankfurt: PU3) (OTCPK: PUFXF), owns a majority interest in AAA Heidelberg Inc., a private Ontario company that is an advanced applicant for an ACMPR license from Health Canada. The Company has an option to acquire the balance of shares to own 100% of AAA Heidelberg Inc. upon receipt of the ACMPR license. Through a supply agreement with Canopy Growth Corp., the Company has joined CraftGrow, a collection of high-quality cannabis grown by a select and diverse set of producers, made available to the Canadian market through the Tweed Main Street website. While it cannot guarantee nor estimate the timing of the issuance of a license to AAA Heidelberg Inc. it is management's goal to become a leading supplier of medical marijuana in Canada. PUF also owns a majority interest in Weed Points Loyalty Inc, and a minority interest in PUF Ventures Australia.
For more information visit: www.puf.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
PUF Ventures Inc.
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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