TORONTO , Oct. 23, 2018 /CNW/ - Pure Global Cannabis Inc. (TSX.V:PURE; OTC: PRCNF; FRA:1QS) (the "Company" or "Pure Global" or "PURE"), an integrated, growth-oriented life sciences cannabis company, announces the termination of its previously announced letter of intent with Avicanna Inc. In accordance with the terms of the letter of intent, the Company has paid Avicanna Inc. a non-refundable deposit of CAD $100,000 . The parties continue to explore mutually beneficial alternatives. Pure Global remains committed to sourcing and securing foreign and domestic low-cost inputs of psychoactive and non-psychoactive cannabis and cannabis derivatives.
With a strong cash position of CAD $14 million dollars , the Company is actively pursuing transformational opportunities domestically and internationally. Pure Global continues to deploy its operations at its Brampton campus for its vertically farmed cultivation and is currently adding high throughput extraction, formulation and packaging for branded and white labeled cannabis products.
About Pure Global Cannabis
Pure Global Cannabis Inc. (TSX.V:PURE; OTC:PRCNF; FRA:1QS) is an innovation-based cannabis company led by experienced pharma, biotechnology, horticultural, consumer packaged goods (CPG), and supply chain experts. The Company's wholly owned subsidiary, PureSinse Inc., is a licensed producer under the Cannabis Act, 2017. The company's Brampton campus houses facilities for vertically farmed cultivation, R&D, extraction, manufacturing, and distribution. PURE will produce branded and white-labeled cannabis products for the medical, pharmaceutical, wellness, health & beauty, natural health, food & beverage, and recreational legal markets with uniquely formulated and purified concentrates. The company is using the Canadian market as a springboard to develop and manufacture GMP-compliant cannabis products for international sale and distribution with a goal to become one of the most trusted premium international cannabis brands.
This news release contains certain forward-looking statements, including, but not limited to, statements about Pure Global's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Pure Global cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Pure Global assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pure Global Cannabis Inc
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