Pure Extracts sign psychedelic mushroom LOI (CSE: PULL) (OTC: PRXTF)
Channel: RICH TV LIVE
Date: 09/03/2021

Pure Extracts sign psychedelic mushroom LOI (CSE: PULL) (OTC: PRXTF) - RICH TV LIVE - March 9, 2021 -  Pure Extracts Technologies Corp . (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) (“Pure Extracts” or the “Company”), a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, is pleased to announce that it has signed a Letter of Intent (LOI) with ShroomBloom Labs/Floja Bioscience Inc. (“ShroomBloom”) to enter into an agreement for the supply of psychedelic mushroom biomass.
ShroomBloom is a British Columbia based mushroom cultivator whose unique growing method uses a sustainable forest product to grow organic Psilocybe Azurescens mushrooms. Also known as Azures, they are native to British Columbia and are one of the most potent psilocybin mushrooms that have ever been found. Azures contain up to 1.8% psilocybin, 0.5% psilocin, and 0.4% baeocystin by dry weight - nearly three times more than the more common Psilocybe Cubensis mushrooms. ShroomBloom is currently conducting a bio-tech research and development program utilizing artificial intelligence (AI) to industrialize the cultivation of psychedelic mushrooms. Their goal is to become the global leader in the production of psilocybin mushrooms.

Under the terms of the LOI, Pure Extracts would get preferential access to ShroomBloom’s crop of psychedelic mushrooms and would get ‘most favoured nation’ pricing. The LOI is subject to both ShroomBloom and Pure Extracts holding Dealer's Licences under the Controlled Drugs and Substances Act (CDSA).

Pure Extracts CEO, Ben Nikolaevsky, remarked, “A supply agreement with a world-class cultivator like ShroomBloom would ensure a reliable source of high-quality, high-potency, psychedelic mushroom biomass for our extraction facility so that we can produce plenty of psilocybin for our formulation R&D activities and for any resulting clinical trials.”

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