- Pure Extracts (PULL) is fast-tracking the build-out of an extraction facility in Michigan with its Joint Venture partner, Golden Harvests
- Pure Extracts and Golden Harvests plan to commence the build-out once building permits have been issued, likely in November
- Golden Harvests will be adding live resin concentrates and cartridges to its portfolio of branded products
- Pure Extracts Technologies Corp. (PULL) is down 4.17 per cent, trading at C$0.23 at 1:33 pm ET
Pure Extracts (PULL) commencing the build-out of an extraction facility in Michigan with its Joint Venture partner, Golden Harvests.
“The Michigan cannabis market is large and growing quickly, with sales reaching a record $171 million in July and then $165 million in August of this year, up over 50 per cent from a year ago,” said Ben Nikolaevsky, CEO of Pure Extracts.
Adding that, “We plan to attack this market aggressively with a goal of reaching a run rate of $20 million in annual sales by the end of 2022.”
After an in-person meeting at the site between the senior executives of both companies, and a detailed study of the Michigan market, both parties agreed that this is a significant opportunity without any dominant brands to compete against.
When coupled with Golden Harvest’s existing brand recognition and distribution to over 100 of the 400 plus dispensaries in the State, adding concentrates to the product mix is a natural next step.
In addition to Pure Extracts’ award-winning full-spectrum oil (FSO) Pure Pulls vapes and tinctures and its THC and ultra-high potency CBD Pure Chews edibles, the JV will be adding live resin concentrates and cartridges to its portfolio of branded products.
The build-out of 5,900 square feet of existing space in the 80,000 sq. ft. facility will commence once building permits have been issued by Bay City, likely in November.
The companies also plan to produce Golden Harvest branded concentrates, cartridges, edibles, and tinctures, while also considering building dedicated greenhouse production to provide more cost-efficient processing input for house brands and available white-label opportunities.
Pure Extracts Technology Corp. features an all-new, state-of-the-art processing facility located just 20 minutes north of world-famous Whistler, British Columbia.
Pure Extracts Technologies Corp. (PULL) is down 4.17 per cent, trading at C$0.23 at 1:33 pm ET.
