Pure Extracts Technologies (PULL.C) subsidiary Pure Mushrooms submitted their class 3 license application to Health Canada’s Natural and Non-Prescription Health Products Directorate for the non-monograph claims of improvements to cognitive health for its Lion’s Mane product today, according to a press release.
This license for their Lion’s Mane product would add to the company’s existing class 1 license granted on April 7, 2021, so the company could include cognitive health benefits in the product’s description. Afterwards, they could sell it on their Amazon online e-commerce store, adding to their existing functional mushroom portfolio, which consists of reishi and maitake mushroom products.
“We are excited to be creating more Pure Mushrooms’ products for our direct-to-consumer, online store. The functional mushroom wellness market is experiencing robust sales as many consumers are trying to boost their immune systems in light of the COVID-19 pandemic. As we build-out our mushroom extraction facility, we plan to bring more products to market,” said Ben Nikolaevsky, CEO of Pure Extracts.
The tip to what Pure Extracts Technologies does is in the name. They’re primarily an extractions company, turning hemp biomass into products and formulations involving CBD and THC using their processing facility in Pemberton, B.C. They then sell these products in both local and global markets, and also have a line of products that are presently restricted in Canada (like psilocybin infused products) which they have the regulatory nod to move and sell in European jurisdictions where they’re not illegal.
Functional mushroom lines are completely legal in Canada. They contain no psilocybin, and have been used for thousands of years to provide health benefits. Demographics are skewed with both men and women—with 57% of purchases coming from men and 43% from women—with the most sales coming from California, followed by Florida and Georgia respectively.
The original class 1 Lion’s Mane product will launch in Q4 2021 alongside their new blended mushroom product. They’re anticipating the class 3 Lion’s Mane product launch in Q1 2022. The company intends to use the knowledge they acquire from the functional mushroom wellness space for their development of psychedelic mushroom, which they intend to dip more than just their toes into when the company gets its Dealer’s License off of the application they filed with Health Canada earlier this year.
While shares are flat today, Pure Extracts has enjoyed a substantial lift in their fortunes over the past month going from a June 22 low of $0.22 to where they are now at $0.395.