Breaking News: Pure Extracts Submits Dealer’s Licence Application to Health Canada | Breaking News: Pure Extracts Submits Dealer’s Licence Application to Health CanadaFinancial Buzz

Breaking News: Pure Extracts Submits Dealer’s Licence Application to Health Canada

Pure Extracts Technologies Corp. (OTC: PRXTF) (CSE: PULL) (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 Mushrooms Corp., has submitted an application to Health Canada for a Dealer’s Licence under the Controlled Drugs and Substances Act (CDSA).

The CDSA and its Regulations provide, among other things, the framework for legal access to controlled substances, and the control and regulation of production, distribution, and sale. One of Health Canada’s responsibilities is to provide the licensing and oversight framework for the legal production of controlled substances.

Under this framework, a company is required to obtain a licence issued by Health Canada in order to conduct various activities with controlled substances. Licence holders are responsible for compliance with the CDSA and its Regulations as well as compliance with other applicable federal, provincial, and territorial legislation and municipal by-laws. The issued licence dictates activities, conditions, and restrictions for the licence holder depending on licence permissions.

A Dealer’s Licence could allow for the following activities:

  • Procurement of controlled substances, including by import, synthesis, propagation, cultivation and harvesting of psychedelic mushrooms for psilocybin extraction
  • Research and manufacture of controlled substances such as psilocybin and psilocin
  • Business-to-business sale of controlled substances, including by export
  • Sale of controlled substance via pharmacies

Pure Extracts CEO, Ben Nikolaevsky, remarked, “We are grateful to have the support of one of Canada’s premiere consulting companies with subject matter proficiency in cannabis and other regulated consumer product industries in assisting that we submitted a fully compliant Dealer’s Licence application to Health Canada. As a plant-based extractor bringing functional mushroom products to market in Q1, we are very excited to be laying the groundwork for our move into the controlled substances world of psychedelic extracts.”

Having the ability to do extraction research and development into psychedelic compounds such as psilocybin and psilocin will prepare Pure Extracts to work with partners such as medical doctors, pharmaceutical company and pharmacies as clinical trials lead to the legalization of psychedelics and the advancement of micro-dosing in the near future.

Submission of the Company’s Dealer’s Licence application is subject to compliance with applicable securities laws, including any necessary approvals by the CSE.

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 Licence 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/.

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