VANCOUVER, British Columbia, May 20, 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 Manufacturing Corp., has signed a custom manufacturing/white label agreement with Richmond, BC based FLO Brands Inc. (“FLO Brands”), to launch a line of cannabis vape products.
Pure Extracts CEO, Ben Nikolaevsky, remarked, “We are excited about launching a white label product with our new partner, FLO Brands, a fellow BC company. They have enormous capacity to create new cannabis products as the market matures here in Canada and consumer tastes evolve. With the addition of FLO and the increased capacity and flexibility our new cosolvent injection system provides, we have begun to execute our strategy with craft producers and branding specialists to get their white label products into the provincial dispensaries and drive up to $3 million of annual revenue from this vertical.”
FLO Brands is a boutique brand house focused on creating state-of-the-art cannabis-based products utilizing BC’s finest genetics. The agreement calls for the initial production of 3 SKUs of 0.5 gram, 510 vape cartridges. These products will be created by collaboration between the two companies with a reliance on Pure Extracts’ 30+ proprietary formulations. Pure Extracts will be providing co-manufacturing services including all sales and distribution including labelling, packaging, applying of excise stamps and shipping.
FLO Brands CEO, Joseph Ke, added, “We are excited to be partnering with Pure Extracts, a proven leader in the cannabis space, to launch our line of premium cannabis products and are very fortunate to have Ben and his team’s extensive experience on our side.”
About Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ)
Pure Extracts features an all-new, state-of-the-art processing facility located just 20 minutes north of world-famous Whistler, British Columbia. The bespoke facility has been constructed to European Union GMP standards aiming towards export sales of products and formulations, including those currently restricted in Canada, into European jurisdictions where they are legally available. On September 25, 2020, Pure Extracts was granted its Standard Processing License by Health Canada under the Cannabis Act and the Company’s stock began trading on the Canadian Securities Exchange (CSE) on November 5, 2020. Find out more at https://pureextractscorp.com/
For further information please contact Empire Communications Group at (604) 343-2724 and ir@empiregroupir.com.
About FLO Brands Inc. Cannabis provides a different experience for everyone, yet most can agree that the powerful plant creates a state of flow, where nature is brighter and more beautiful, where thoughts are creative and colourful, and a special energy is emitted when cannabis is consumed. Hailing from British Columbia, we have observed the best practices of cannabis cultivation for decades. At Flo, we use organic growing practices and the best of B.C.’s soil, light, and nutrients to cultivate premium cannabis. Through our products, we invite you to find your own state of flow, embracing the nuances of the different strains that we have carefully chosen to place in our premium cartridges.
Find out more at https://stateofflo.com/
ON BEHALF OF THE BOARD
“Ben Nikolaevsky”
Ben Nikolaevsky
CEO and Director
The CSE has neither approved nor disapproved the contents of this press release.
This news release contains forward-looking statements relating to the future operations of Pure Extracts, and the other statements are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of Pure Extracts’, are forward-looking statements and involve risks and uncertainties. A number of factors could cause actual events, performance or results to differ materially from what is projected in forward looking statements. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and we cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under “Risk Factors” in the Company’s Annual Information Form. The Company does not undertake to update any forward-looking information, except as, and to the extent required by, applicable securities laws.
This news release contains information about potential sales revenue from supply agreements, which may be considered as disclosure of financial outlook under applicable securities laws. Such information is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraph. Specifically, estimated sales revenue which may be derived from supply contracts has been calculated based on current wholesale prices and assume, among other things, that the Company will be able to find buyers for its products. Financial outlook contained in this news release was made by management as of the date of this news release and was provided for the purpose of providing readers with an understanding of the potential revenue which may be derived from supply agreement recently entered into by the Company, and are not an estimate of profitability or any other measure of financial performance. Readers are cautioned that the financial outlook contained in this document should not be used for purposes other than for which it is disclosed herein.
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