Pure Extracts Technologies (PULL.C) signed an letter of intent (LOI) with mushroom-derived wellness products company, Nutraceutical Medicine Company, to help springboard Pure’s expansion into the functional mushroom sector and co-develop their CBD full spectrum mushroom combinations.
Duncan, B.C-based, Purica has a twenty-year long track record of bringing to its customers skilfully formulated, natural and whole food products, solidly backed by science. They’re an award winning company whose Immune 7 formulation was named as the gold award winner as the best immunity product in Canada in the alive Awards.
“We are excited to be working with the experts at PURICA on functional mushroom products and novel CBD formulations. They have an impressive history of product development, customer retention and an unwavering dedication to high standards,” said Ben Nikolaevsky, Pure Extracts CEO.
Purica also engages in customer education campaigns to better inform the public about the many uses and benefits of medicinal full-spectrum mushrooms, aimed primarily at conditions of stress relief, sleep, heart health, weight management, endurance, performance, hormonal imbalance and many other conditions.
Combining mushroom extracts with CBD seems like a strange mix at first, but if it takes off it’ll put Pure Extracts at the nexus of two powerful market trends—specifically, the mainstream adoption of CBD oil as a medicinal product and the growth and development of the functional mushroom wellness market.
To help facilitate this expansion, they’ve brought in Dr. Alexander MacGregor. Dr. MacGregor is the dean of faculty, and a professor of biopharmaceutics and the present seated president of the Toronto Institute of Pharmaceutical Technology, which is North America’s premier postgrad institute of pharmaceutical sciences, technology and research. He’s also the chief executive officer of TIPT’s parent company, Transpharm Canada, which possesses a bevy of licenses related to dealing with controlled drugs.
He’s also recognized as an inventor within pharmaceutical science inventor and an expert in its technology, including drug delivery systems. He’s received several global parents from the field of medical treatments and drug delivery technologies, specifically form Canada, United States, Australia, Europe, Latin America, China, India and Japan, and his inventions have led to the development of therapeutic drugs to treat cancer, diabetes, systemic infections and postoperative pain.
If that’s not enough, then the list of companies he’s helped in an official consulting capacity includes GlaxoSmithKline, Valeant, Teva, Patheon, Sun Pharma and Beijing Double-Crane Pharma. The company believes that, with Dr. MacGregor’s assistance, they can speed the formulation and development of this new category of wellness products, and give it the highest bioavailability on the market.
It’s difficult to speculate on the size of a market for a product that hasn’t yet even been entirely formulated, but recent reports have the global market for functional mushrooms at USD$34.3 billion by 2024, growing at a compound annual growth rate (CAGR) of 8%. The other market, CBD-oil and CBD health market was valued at USD $20.3 billion in 2019 and is expected to grow at a CAGR of 25.6% from 2020 to 2027, according to Grandview Research. Both of these are vertical this company is involved in, making this combination one to watch.
Full disclosure: Pure Extracts Technologies is an equity.guru marketing client.