Plant-based extraction company Pure Extracts Technologies Corp (OTCMKTS:PRXTF) and Canada House Wellness Group, a medical cannabis company, have entered into medical supply agreement.
Abba Medix Corp, Canada House’s wholly owned subsidiary will buy Pure Extracts’ complete concentrate products including THC, CBD as well as blended vapes for selling to its medical patients. Pure Extracts Technology is focused on hemp, cannabis, functional mushrooms as well as rapidly emerging psychedelic sector.
Chris Churchill-Smith, Canada House CEO, said that the firm is keen on its collaboration with Pure Extracts and add the great products to Abba’s extensive portfolio of medical products. Pure, a premier brand, has products aligning with Canada House’s strategy of giving quality medical cannabis products to its our registered patients, especially Veteran community.
Ben Nikolaevsky, Pure Extracts’ CEO said that the Agreement will allow the firm to foray into medical cannabis space to make revenue contribution commencing Q4 and ramping-up in 2022.
Pure Extracts has also got an initial Purchase Order for its 1 gram, full spectrum oil, cannabis vape cartridges from LDB. The cartridges will comprise some of the company’s proprietary formulations. The 510 vape cartridges must adhere to the North American test standards and were chosen for their performance and their quality.
Market Reaction:
On Friday, PRXTF stock surged 51.31% at $0.3070 with more than 8.54 million shares, compared to its average volume of 238k shares. The stock had moved within a range of $0.2500 – 0.3883 after opening the trade at $0.2650. Over the past 52-week, the stock has been trading within a range of $0.1690 – 1.0000.
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