SEATTLE, Aug. 30, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CFN Media Group (“CFN Media”), the leading agency and financial
media network dedicated to the North American cannabis industry, announces publication of an article outlining Pure Global Cannabis
Inc (TSXV:PURE) (OTC:PRCNF) and Avicanna uniting to bring science-based innovations to the international cannabis marketplace.
Pure Global Cannabis, Inc (TSXV:PURE) (OTC:PRCNF) and Avicanna Inc have joined efforts to bring science-based innovations to the international
cannabis marketplace. Pure Global recently signed a binding agreement to acquire a 60% share of Avicanna’s Colombian subsidiary,
Savita Nativa, S.A.S., along with an option to purchase an additional 15% within 24 months, bringing Pure Global’s aggregate
ownership to 75%. Sativa Nativa, S.A.S. has a Colombian license to both grow cannabis and to manufacture cannabis derivatives, and
this entry will bring both companies into position as leaders in the sustainable and economical production of cannabinoids for
export into international markets.
Colombia's huge international treaty export quota, along with a regulatory framework that allows cannabis production for global
export will allow Pure Global to target potential emerging markets in far more countries than they would have been able to do
otherwise.
In addition to Sativa Nativa’s 20,000 square foot cultivation facility in Santa Marta, Colombia, Pure Global plans to build an
additional 1 million square foot greenhouse with a minimum production capacity of 165,000 kg per annum at organic grade by
the end of 2020. Due to Colombia’s economy, Pure Global can build and operate the new facility at a much lower expense.
Additionally, Colombia’s ideal climate allows for 4 growing cycles per year and this, along with Latin America’s low production
costs, will allow Pure Global to produce superior cannabis well below the cost of licensed producers in Canada.
Avicanna, which is based in Toronto, is already a Resident company at the JLABS @ Toronto, so this new partnership will bring
Pure Global into a new research and product development realm and leverage Avicanna’s scientific teams to develop and execute a
multi-level and multi-market strategic approach towards medical cannabis.
“These are exciting times for Pure Global,” says Malay Panchal, President & CEO, “as we make our first entry into Latin America
and kickstart our international growth plans. We have found an excellent partner in Avicanna, which has done a tremendous job
building highly strategic relationships and assets in Colombia, as well as on-the-ground teams capable of executing our aggressive
plans. Sativa Nativa is set to become our flagship international and equatorial asset, which we will leverage to produce low-cost
inputs for value-added products destined for emerging export markets.”
Here is a summary of recent Pure Global developments, including those of their subsidiaries.
At the Flagship Canadian Facility:
- Pure Global’s wholly-owned subsidiary, PureSinse Inc., is expected to be fully licensed to grow under the Access to Cannabis
for Medical Purposes Regulations (ACMPR) in the coming weeks.
- PURE has completed Phase 1 of the build-out of their facility, and commenced Phase 2 & Phase 3 which on track for completion
during Q4 2018 and Q1 2019, respectively.
- PureSinse has fully secured inventory for product launch in time for the October 17th legalization in Canada, as well as
securing long-term supply agreements for future product sales. PURE expects to be generating revenue immediately upon
the October 17th launch.
- PURE has initiated the manufacturing and design of onsite Good Manufacturing Practices (“GMP”), along with an advanced
R&D Laboratory for product formulations, derivatives, and extracts processing.
- PURE has ongoing customer acquisition, branding, and sales strategies in place, including partnerships with major Canadian
medical clinics and expected inclusion in future provincial product calls.
At the Flagship International Facility:
- With the previously mentioned binding LOI that Pure Global recently signed with Avicanna Inc to obtain up to 75% interest in
Sativa Nativa S.A.S., PURE will acquire a corresponding share in up to 28 hectares (69 acres) of agricultural land with the
irrigation and infrastructure to cultivate cannabis at the foothills of the Sierra Nevada Mountains in Santa Marta, Colombia
- PURE will also acquire a corresponding share of the nearly completed 100,000 sq. ft. greenhouse, along with a 20,000 sq. ft.
GMP grade state-of-the-art greenhouse, with an expected production capacity of 15,000 kg per annum by Q2 2019.
- Sativa Nativa has also commenced the design of an additional 1 million sq. ft. greenhouse with an expected production
capacity of 150,000 kg per annum by 2020, and a combined overall production capacity of 165,000 kg. Assuming a 75%
interest in Sativa Nativa, PURE will have a total production capacity of 132,000 kg in the two countries by Q1 2020
- PURE’s total growing area is expected to be 904,000 sq ft between the three facilities and the company is evaluating
additional high capacity growing methods to increase yield and optional organic standards.
PURE’s President & CEO, Malay Panchal, stated, “By securing the lowest input costs possible through the Colombian acquisition,
these combined entities will be the foundation of PURE’s long-term sustainable and profitable growth plans, with goals of
international distribution to every country with medical and future legal adult-use cannabis regulations.”
Pure Global Cannabis Inc. (TSX.V:PURE; OTC:PRCNF) is a vertically-integrated, growth-oriented life sciences cannabis company led
by experienced pharma-industry, horticultural, consumer packaged goods (CPG), and supply chain experts. The Company’s wholly owned
subsidiary, PureSinse Inc., is a licensed producer under the Access to Cannabis for Medical Purposes Regulations (ACMPR) focused on
producing premium-quality cannabis products for medical, wellness, and future legal adult use markets.
For more information, visit the company’s website
Please follow the link to read the full article: http://www.cannabisfn.com/two-global-cannabis-leaders-partnering-bring-science-based-innovations-international-cannabis-marketplace/
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