Pure Extracts (CSE: PULL) has begun the build-out and construction of the fourth unit in its extraction facility, which will be used for the extraction of mushrooms as well as to conduct research and development on psilocybin. The announcement, made this morning, is part of Pure’s preparatory work on the anticipation of being granted a Dealer’s License by Health Canada.

The buildout is in connection with the prior announcement made by the company that it is working towards submitting an application to Health Canada for a Dealer’s License. If granted, the license will enable the company to have legal access to controlled substances. Further, it enables the company to produce, distribute and sell psilocybin among other substances.

More specifically, the license allows for a number of activities, including procurement of controlled substances, the research and manufacture of such substances, as well as the sale of substances via networks such as pharmacies as well as on a business to business basis.

“As a plant-based extractor bringing functional mushroom products to market in Q1 2021, we are very excited to be building-out our facility for our move into the controlled substances world of psychedelics. It’s great to have space adjacent to our cutting-edge facility which is built to Health Canada standards and to know that this space will also have the same high standards of construction that Pure Extracts prides itself on.”

Ben Nikolaevsky, CEO of Pure Extracts

Pure Extracts last traded at $0.73 on the CSE.


FULL DISCLOSURE: Pure Extracts is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Pure Extracts on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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