Pure Extracts Announces Submission for Class 1 Natural Product Number (NPN)

Rhea-AI Summary

Pure Extracts Technologies Corp (CSE: PULL, OTC: PRXTF) has completed its registration with the Natural and Non-prescription Health Products Directorate, allowing the company to submit a Class 1 Natural Product Number application for a functional mushroom product. This is expected to be the first of several NPN applications in 2021. Pure Extracts plans to sell these mushroom wellness products through its subsidiary, Pure Mushrooms Corp, via an e-commerce portal. The company aims to leverage its extraction equipment for these products and anticipates launching its first product by the end of Q1 2021.

Positive

• Completion of registration with the NNHPD, enabling submission of NPN application.
• Launch of 'Pure Mushrooms' brand targeting the functional mushroom wellness sector.
• Anticipated product release by end of Q1 2021, aligning with market growth.

Negative

• None.

VANCOUVER, British Columbia, Feb. 03, 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 it recently completed its new company registration with the Natural and Non-prescription Health Products Directorate (NNHPD) and received its Company Code. This has allowed Pure Extracts to submit a Class 1 Natural Product Number (NPN) application for a functional mushroom product, which the Company expects will be the first of several NPN applications that it submits in 2021.

Pure Extracts plans to sell functional mushroom wellness products through its newly incorporated, wholly owned subsidiary, Pure Mushrooms Corp. Sales will take place direct-to-consumer through an e-Commerce portal that the Company is establishing, and the brand will be called ‘Pure Mushrooms’.

Pure Extracts is exploring ways to optimize the use of its existing extraction equipment for functional mushroom products and in the near-term will be utilizing a co-packer to meet the demands of its customers.

Pure Extracts CEO, Ben Nikolaevsky, remarked, “The functional mushroom wellness sector is experiencing tremendous growth and consumer awareness, we remain very excited about our new Pure Mushrooms brand. We look forward to getting our first product in consumers’ hands by the end of Q1 2021.”

About Pure Extracts (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ)
The Company 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.

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 information release contains certain forward-looking information, including about the timing and completion of the Private Placement, the proposed use of proceeds of the Private Placement, the filing of a preliminary short form prospectus, the receipt of CSE approval and the listing of the Warrants. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FAQ

What is the significance of Pure Extracts' registration with the NNHPD?

Pure Extracts' registration with the NNHPD enables them to submit a Class 1 Natural Product Number application for their functional mushroom product, marking an important step toward product launch.

When does Pure Extracts expect to launch its first functional mushroom product?

Pure Extracts expects to launch its first functional mushroom product by the end of Q1 2021.

Under what subsidiary will Pure Extracts sell its mushroom wellness products?

Pure Extracts will sell its mushroom wellness products through its wholly owned subsidiary, Pure Mushrooms Corp.

What is the stock symbol for Pure Extracts Technologies Corp?

The stock symbol for Pure Extracts Technologies Corp is PRXTF.

How is Pure Extracts optimizing its extraction equipment for new products?

Pure Extracts is exploring ways to optimize its existing extraction equipment for functional mushroom products and will utilize a co-packer to meet customer demands.