Pure Extracts Technologies (PULL.C) subsidiary Pure Extracts Manufacturing signed a white label agreement with a West Coast LP for a line of vape products today, according to a press release.
The agreement has the LP providing premium cannabis and PULL doing the extractions for high quality full spectrum oil 1 gram vape cartridges. The products will be a collaboration of the two companies, but ultimately rely more on Pure’s proprietary formulations and optimized vape hardware. The initial order should pull in roughly $525,000.
“We are excited about launching a white label product with our new customer, as they are focused on creating state-of-the-art products utilizing cannabis they grow themselves. With the addition of this customer and the increased capacity and flexibility our new cosolvent injection system provides, we have begun to execute our strategy with high quality producers and branding specialists to get their white label products into the provincial retailers and drive up to $3 million of annual revenue from this vertical,” said Ben Nikolaevsky, CEO of Pure Extracts.
Pure Extracts Technology is a cannabis company focused on producing quality cannabinoid (and psilocybin) extracts in their Pemberton, British Columbia, processing facility. The facility has been constructed to meet the Good Manufacturing Practices for the European Union, and aims towards export for their products and formulations, including some which are presently restricted in Canada (like psilocybin). They have had a Standard Processing License from Health Canada under the Cannabis Act on September 25, 2020, and its amendment in July of 2021.
The LP is science based and has considerable experience with growing medical-grade cannabis for patients, and will now be putting that experience towards putting out cannabis for the legalized adult-use market in Canada. Their standards are used at every step of the product’s life-cycle beginning with growing and processing and onwards to research and development.
The suggestion that this company has fallen under hard times is a bit of understatement. It’s not like they’re a virtual unknown in the cannabis space—but it’s more like they’re suffering under the same kind of market conditions as everyone else. Unfortunately for them, trading has been flat thus far today, and they’re stalled at $0.115.