Commencing Build-Out of Extraction Facility in Michigan VANCOUVER, British Columbia, Oct. 06, 2021 (GLOBE NEWSWIRE) -- Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) (“Pure Extracts” or the “Company”), a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, is pleased to announce that its wholly owned subsidiary, Pure Extracts USA Inc., is fast-tracking the build-out of the extraction facility it is designing with its Joint Venture (JV) partner, Golden Harvests, LLC, at their existing 80,000 sq. ft. site in Bay City, Michigan.
“The Michigan cannabis market is large and growing quickly, with sales reaching a record $171 million in July and then $165 million in August of this year, up over 50% from a year ago,” said Ben Nikolaevsky, CEO of Pure Extracts. Adding that, “We plan to attack this market aggressively with a goal of reaching a run rate of $20 million in annual sales by the end of 2022.”
After a successful in-person meeting at the site between the senior executives of both companies, and a detailed study of the Michigan market, it was obvious to both parties that this is a significant opportunity without any dominant brands to compete against. When coupled with Golden Harvest’s existing brand recognition and distribution to over 100 of the 400+ dispensaries in the State, adding concentrates to the product mix is a natural next step.
In addition to Pure Extracts’ award-winning full spectrum oil (FSO) Pure Pulls vapes and tinctures and its THC and ultra-high potency CBD Pure Chews edibles, the JV will be adding live resin concentrates and cartridges to its portfolio of branded products.
The JV plans to commence the build-out of 5,900 square feet of existing space in the 80,000 sq. ft. facility once building permits have been issued by Bay City, which should occur in November. The JV also plans to produce Golden Harvests branded concentrates, cartridges, edibles, and tinctures, while also considering building dedicated greenhouse production to provide more cost-efficient processing input for house brands and available white label opportunities.
https://www.globenewswire.com/news-release/2021/10/06/2309577/0/en/Pure-Extracts-Commencing-Build-Out-of-Extraction-Facility-in-Michigan.html