“Q2 is going to be very exciting for us as we commence retail sales of vapes and gummies through our distribution partner. Our exceptionally pure products are in high demand and we have a range in potencies and flavours that consumers will certainly enjoy,” remarked Pure Extracts CEO, Ben Nikolaevsky.
Pure Extracts is a company focused on cannabis, hemp, functional mushrooms, and the rapidly emerging psychedelic sector. The Company’s purchase of over 500kg of dry cannabis flower demonstrates a willingness to meet a demand for cannabis-based products and vapes. Namely, in the provinces of British Columbia, Alberta, Saskatchewan and Ontario there is an active market for vapes and edibles. With this in mind, Pure Extracts is targeting these provinces and estimates its retail launch will generate just over $1,000,000 in revenue for the Company.
In addition to the cannabis market, Pure Extracts has been making moves in the psychedelic sector as well. Recently, the Company’s subsidiary Pure Mushrooms made three new mushroom formulations available on their online e-Commerce store which is expected to generate an additional $15,000 in gross sales per month.
Additionally, last month Pure Extracts saw significant growth following its first commercial sale of CBD oil and a licensing deal with Taste-T, the U.S. manufacturer of Fireball Cannabis Gummies. Through the licensing agreement, the Company was able to acquire one of Taste-T’s custom built gummy manufacturing machines. Ultimately, Pure Extracts’ acquisition of a certified manufacturing machine has enabled the Company to produce Pure Chews edibles in preparation for their upcoming launch.
Pure Extracts could see significant growth depending on how well the Company’s retail launch of Pure Pulls vapes and Pure Chews edibles goes. With a revenue estimate of over $1,000,000, Pure Extracts appears confident in its ability to successfully launch its latest brands. Furthermore, according to Grand View Research, the CBD gummies market could reach approximately $6.94 billion by 2025. As public sentiment towards medical and recreational cannabis becomes more favorable, Pure Extracts could find itself in a position to grow substantially in the coming years.
Pure Extracts’ stock price opened at $0.475 today and currents sits at $0.47.
Disclaimer: Pure Extracts is a client of Equity Guru.