fyi Corporate Update
PUF Ventures Inc. is focused on creating shareholder value through strategic investments in the international cannabis industry.
The PUF Ventures business strategy is built on three key elements: domestic Canada, international markets and vertical integration. The Company is in the final phase to receive its license to grow medical cannabis in Canada, it has established a 1.2 million sq. ft. greenhouse project in Australia and will use the project plan to expand to other friendly jurisdictions, and it is pursuing opportunities in pharma, food, and technology related cannabis businesses.
Please find below a short update on the recent activities of the Company. We have been very busy working diligently to advance our corporate objectives.
The grow facility in London Ontario, is completely built out and our confirmation of readiness has been submitted to Health Canada. We are now awaiting word from Health Canada on the status of our license. We are unable to provide a time line on when Health Canada will review our submission. We are working very closely with David Hyde on our ACMPR submission and therefore we are confident that our submission will be approved.
Once the license to produce is granted, we will promptly begin the first harvest and work with Canopy Growth to sell our product online through Tweed Mainstreet’s CraftGrow portal.
Applications have been made to the Australian Office of Drug Control and, like Health Canada, the regulators are now controlling the next step of the licensing process. Solaris is waiting for the permits and licenses to be granted before breaking ground on the large-scale greenhouse. We are optimistic it will be sooner than later, but there have been no specific timelines provided by the regulatory bodies.
Meanwhile, the large-scale greenhouse project in Australian continues to move forward. The last two news released from Solaris Nutraceuticals were:
· Feb 15/18 the Australian federal government granting Solaris with AUD$2.5 million
· Dec 4/17 a partnership with Western Sydney University.
Both very positive news releases with respect to the Solaris management team able to create partnerships with both the federal government and the academia of Australia.
While it is frustrating in these challenging markets, I would relate the recent weakness in the PUF stock price to the general market malaise. Many cannabis companies are feeling the same or even more pain.
PUF Ventures continues to be in a very good position. While waiting for Health Canada and the ODC in Australia, we have been looking to replicate the Australian project plan (massive greenhouse) in other friendly jurisdictions around the world. We have also announced the spin-off of Cannvas MedTech which should be trading soon on the CSE, and most recently the spin-off Natures Hemp Company. This is real value being paid to shareholders.
We will continue to make announcements and communicate with our shareholders when we have news.
As always, we appreciate your trust and support, and look forward to working together in the coming months to ensure the continued success of PUF Ventures.