Plant-based extraction company Pure Extracts Technologies Corp (OTCMKTS:PRXTF), focusing on cannabis, hemp and fast emerging psychedelic sector, on July 20, 2021 announced its wholly owned subsidiary, Pure Extracts Manufacturing Corp, signed a white label agreement with Nelson, BC based Green Light Solutions Corpsubsidiary, Joe’s Hemp Shack for launching a number of vape products.
The agreement will entail initial extraction as well as formulation of premium hemp into high quality CBD vape cartridges. Pure Extracts will be giving co-manufacturing extraction services like sales and distribution, packaging, labelling amongst others.
GLS, a firm in the Cannabis industry, gives value across a number of cannabis verticals through quick, tech-forward model. The firm’s leadership team has extensive experience in the industry as well as robust IP portfolio.
Pure Extracts CEO, Ben Nikolaevsky said that the new partner GLS will allow the firm to augment capacity and flexibility to its cosolvent injection system. Ben added that it has commenced executing strategy with craft producers as well as branding specialists to provide white label products in dispensaries for driving sales up to $3 million of annual revenue.
Joe Corea, VP of Business Development at GLS said that working with an agile manufacturing partner will be critical in an emerging CBD market. GLS is collaborating with adaptive partners and can help meet consumer demands. Corea said that this collaboration will disrupt the CBD vape category.
Market Reaction:
On Tuesday, PRXTF stock jumped 2% to $0.3020 with more than 601k shares, compared to its average volume of 370k shares. The stock had moved within a range of $0.2755 – 0.3053 after opening the trade at $0.30. Over the past 52-week, the stock has been trading within a range of $0.1690 – 1.0000
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