PUFXF - PUF Ventures' Majority Owned Subsidiary Receives Cultivation License From Health Canada
VANCOUVER, British Columbia, October 15, 2018 /PRNewswire/ --
PUF Ventures Inc. ("PUF" or the "Company") (CSE: PUF) (Frankfurt: PU3) (OTCPK: PUFXF), a growth oriented and diversified company focused on the international cannabis industry, is pleased to announce that its majority owned subsidiary, AAA Heidelberg Inc., has received its Access to Cannabis for Medical Purposes Regulations ("ACMPR") cultivation license from Health Canada. With this license, PUF Ventures is permitted to begin cultivating cannabis at its indoor facility located in London, Ontario.
"This is a very proud day for our Company and our loyal supporters alike," said Derek Ivany, President and CEO of PUF Ventures Inc. "Receiving a cultivation license from Health Canada is a significant achievement which positions PUF to become a leading cannabis supplier to legal medical and recreational markets, in Canada and around the world. As a partner of Canopy Growth Corporation's CraftGrow program, the Company looks forward to collaborating with CraftGrow to supply the marketplace with high quality cannabis. As we embark on this exciting next phase of growth, we are eager to expand our reach in both domestic and international cannabis markets."
With the receipt of the ACMPR cultivation license, AAA Heidelberg will begin preparing for the first crop of high-grade medical cannabis and PUF will move to immediately acquire the remaining ownership stake in the subsidiary.
In 2017, PUF partnered with Canopy Growth and joined its wholly-owned subsidiary, Tweed's CraftGrow program to sell the Company's medical cannabis. The CraftGrow program showcases the history, brand, and unique growing methods of each unique producer, with the goal of bringing select strains of high quality cannabis grown by a diverse set of producers to Tweed's registered customers. Through the partnership PUF's master grower will also work with Canopy's team to share expertise, technology, and best growing practices to maximize yield and ensure high quality product lines. PUF will also be able to source strains and lineage directly from Tweed's own breeding facility to add to its product line.
The granting of the ACMPR cultivation license from Health Canada follows announcements by PUF, on September 25 and October 11, 2018, regarding an equity participation and earn-in agreement with Delta Organic Cannabis Corp. ("DOCC"), a privately held Toronto-based cannabis investment company backed by pre- eminent leaders in Canadian cannabis enterprise. Pursuant to the agreement, DOCC may provide up to a $40-million investment at a price of $2.24 per PUF share for the development of a large-scale, commercial medical cannabis cultivation operation in Delta, B.C. The proceeds of the subscriptions are to be used exclusively to develop the Delta facility which currently consists of 2.2 million square feet of illuminated greenhouse space and 1.7 million square feet of ebb and flood irrigation space. It is currently anticipated that the first advance of funds by DOCC shall occur on October 17, 2018. Once the Delta Facility is permitted under the Cannabis Act, PUF Ventures will submit a second site cultivation license application for the facility.
About PUF Ventures Inc.
PUF Ventures Inc. is a growth oriented and diversified company focused on the international cannabis industry. It has ownership in several cannabis companies including AAA Heidelberg and Propagation Services Canada in Canada, a large-scale greenhouse project in Australia and actively pursuing other opportunities within the cannabis industry. PUF has an option to purchase 100% of AAA Heidelberg Inc., an advanced applicant for an ACMPR license. For more information please visit: http://www.puf.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
Derek Ivany
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
PUF Ventures Inc., E: ir@puf.ca , T: +1(800)783-6056