PURE EXTRACTS SUBMITS DEALER'S LICENCE APPLICATION TO HEALTH CANADA
399Pure Extracts Technologies Corp . (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) - RICH TV LIVE - March 4, 2021 - (“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.
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