Pure Extracts Technologies Corp. has reportedly announced the signing of an LOI (Letter of Intent), with a publicly traded MSO (multi-state operator)’s affiliate to form a joint venture. This JV is aimed at establishing a hemp and cannabis extraction system in an existing facility in Michigan.
The MSO has a longstanding history of success in the state of Oregon, delivering a range of products including indoor premium and sun-grown flower, as well as patented nitro sealed sun-grown and indoor jars and pre-rolls. The products are also cultivated and packaged in Michigan, for retail sale in more than 100 dispensaries across the state.
For the record, Pure Extracts is a plant-based extraction firm, which deals with hemp, functional mushrooms, cannabis as well as the emerging psychedelic sector, with an advanced processing facility located near Whistler in British Columbia.
The companies will bring together the licensing, local permitting and marketing expertise of the MSO affiliate with the vape, live resin, edibles manufacturing and extraction skills of Pure Extracts, to expand the JV’s presence in Michigan. The venture partners are targeting the build-out of nearly 2,600 sq. ft. of the existing, under-used space at the current facility of the MSO. The facility is located strategically in central Michigan, within a 2-hour driving distance from many major markets.
Pure Extracts is expected to provide a combination of cash and equipment to the venture, which will enable the partners to upscale rapidly, in order to address the burgeoning demand for recreational cannabis edibles and concentrates in the state.
CEO of Pure Extracts, Ben Nikolaevsky has reportedly commented on the company’s excitement at launching its first US initiative via the Michigan market, with the support of such entrenched and experienced partners. He added that immediate access to the 100+ dispensary customers of the MSO affiliate, out of the 400 licensed dispensaries of Michigan will allow the venture’s products to be distributed and available for sale by the fourth quarter of 2021.
Source Credit: https://www.globenewswire.com/news-release/2021/04/08/2206327/0/en/Pure-Extracts-to-Enter-US-Market-through-JV-in-Michigan.html