TORONTO, Sept. 24, 2019 /CNW/ – Pure Global Cannabis Inc. (TSX.V: PURE; OTC: PRCNF; FRA: 1QS) (“Pure Global”), an integrated growth-oriented sciences and consumer products cannabis company, operating through its wholly-owned subsidiary PureSinse Inc. (“PureSinse” or “Company” or “Pure“), is pleased to announce the signing of a Joint Development Agreement (the “Agreement“) with KMT-Hansa Corp. (NEX: KMC-H) (“KMT“) in respect of the processing, extraction, cultivation and manufacturing of hemp and related products across approximately 17,000 acres of land in the province of Yunnan (the “Project“). The Agreement will take advantage of the Hemp International Industry Park Special Economic Zone License granted to KMT by Yuanjiang County, Yuxi City, Yunnan Province, permitting the growth, cultivation, extraction and production of industrial hemp products for export. The license registration process is expected to complete within the next 60 days while operations are setup.
Pure Global will be the management and development partner in connection with the Project, with KMT providing the necessary resources and personnel. Pure Global will be responsible for the technology, know how, genetics and sales and distribution of hemp products produced in connection with the Project. The Company will design Good Manufacturing Practices (“GMP“) compliant facilities and manage the development and deployment of the Project while overseeing the ongoing operations for the manufacturing and cultivation of high-quality hemp products and by-products, including cannabidiol (“CBD“). Pure will have the right of first refusal to sell and distribute all manufactured products and by-products in all international jurisdictions.
KMT will be responsible for securing and maintaining all necessary permits and licenses with the Chinese Government and Authorities to grow, extract, process and export CBD and hemp by-products grown on the lands that have been government sanctioned for the region’s economic development.
Pure Global’s CEO & President Malay Panchal commented, “We are extremely excited to be the first Canadian LP to partner with a Chinese group seeking to develop a project of this scale in China. This strategic relationship gives us access to KMT’s resources and connections in China. They truly share our goal of providing high-quality products that are sustainable to the environment and developed using cutting-edge agricultural methods. We are extremely happy to enter into this Agreement with a trusted partner who shares our values, visions, and long-term goals. I was especially thrilled by the warm welcome we received from the Chinese local, state, and federal authorities on our recent visit and the tremendous support they are willing to offer to make this project a success for all stakeholders.”
Both KMT and Pure Global value scaled production and manufacturing methods that are eco-friendly, produce the highest quality bulk CBD, and finished health and wellness products. The Agreement will be the first step towards the two like-minded organizations entering into a larger scale international production agreement. The companies intend to move quickly to commence operations and service the fast-growing consumer demand for CBD isolate and finished products throughout Asia and over 50 international markets that have legalized CBD.
Mr. Panchal further commented, “We are entering a very exciting chapter in Pure Global’s journey. In addition to this joint venture with KMT, we have recently been granted our Health Canada oils sales license, are close to approvals to commence scaled cultivation and extraction at our Brampton facility, will soon be launching several new premium consumer brands, and have other formative developments to be announced in the near future. Together these will accelerate Pure to becoming a global leader in the cannabis sector.”
About Pure Global Cannabis
Pure Global Cannabis Inc. is an innovation-based cannabis company led by experienced pharma, biotechnology, horticultural, and consumer packaged goods (CPG) experts. The Company’s wholly-owned subsidiary, PureSinse Inc., is a licensed producer under the Cannabis Act. The Company’s Brampton campus houses facilities for vertically farmed cultivation, R&D, extraction, manufacturing, and distribution. Pure Global will produce branded and white-labeled cannabis products for the medical, pharmaceutical, wellness, health & beauty, natural health, food & beverage, craft, and recreational legal markets with uniquely formulated and purified concentrates and dried flower. The Company is using the Canadian market as a springboard to develop and manufacture GMP-compliant premium quality cannabis products for international sale and distribution with a goal to become one of the most trusted premium international cannabis brands.
About KMT-Hansa Corp
KMT-Hansa Corp. is registered in Anguilla and is currently listed on TSXV NEX. HDD Investment Holdings Corp. acquired 51% of KMT-Hansa Corp. in March of 2019. Under new management, KMT will move forward adopting a business model focused on growth and building shareholders value by way of directing our resources into viable development opportunities. KMT is determined and driven to achieve a diversified investment portfolio of high-growth opportunities.
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 risks, 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.
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SOURCE Pure Global Cannabis Inc.