TORONTO, April 18, 2019 /CNW/ - Pure Global Cannabis
Inc. (TSX.V:PURE;OTC: PRCNF; FRA:1QS) ("Pure Global") an
integrated, growth-oriented life sciences and consumer products
cannabis company, operating through its wholly-owned subsidiary
PureSinse Inc. ("PureSinse" or "Company"), is pleased
to announce that it has entered into a binding Letter of
Intent ("LOI") with Ottawa-based
The Great Canadian Hemp Company, Ltd. ("GCHC"), pursuant to
which the parties shall seek to enter into a share purchase
agreement whereby Pure Global will acquire a 100% interest in
GCHC.
As consideration, Pure Global will pay GCHC shareholders
$560,000 with $60,000 payable in cash and $500,000 payable through the issuance of common
shares in the capital of Pure Global at a price equal to
$0.20 per share to be held in escrow
and released pursuant to a 24-month schedule.
GCHC creates organic vegan hemp-based, all-natural skin and hair
products, and promotes sustainability, organic beauty, and
mindfulness. After the acquisition, GCHC will continue as a
business unit of PureSinse.
"The Great Canadian Hemp Company is a young, innovative,
already-established company that offers an exciting opportunity for
Pure Global to enter the health and beauty segment," said
Ross Hendry, VP of Consumer Sales
and Marketing. "Melissa and Edan are great brand ambassadors, and
have established a line of turnkey products that will transfer
successfully into CBD and full-medicated spectrum products. We will
scale manufacturing of these amazing products and
leverage our distribution capabilities. This line is especially
geared for the European and Asian markets where there is currently
an enormous demand for CBD health and beauty products."
GCHC was founded in 2016 by Edan
Wolk and Melissa L'Heureux-Hache, who are passionate about
sustainability and organic hemp-based wellness
products. Together they have created a line of all-natural and
entirely unisex skin and hair products formulated with organic
Canadian hempseed oil.
Among GCHC's top products are their Awakening Facial Serum, made
with coffee, avocado, and black spruce, as well as coconut, jojoba,
and hemp oils; a range of artisanal soaps made with natural
soapberry juice, a saponin-containing fruit native to the
Himalayas; natural hair nectars rich in hemp oil; and a range of
masks, body butters, lip balms, and scalp treatments, all ethically
formulated with sustainability, mindfulness, and organic beauty at
their core.
"We are excited about the acquisition as Pure Global can help us
build a CBD-based line that remains true to our brand, as well as
explore other aspects of health and wellness with access to other
cannabis derivatives," said company co-founder Melissa
L'Heureux-Hache. "Our philosophy has always been to develop
products that are good for the body and good for the environment.
It was very important for us to align with a company with
integrity, that shares our commitment to sustainability and
consumer trust. We look forward to creating new and wonderful
products, contribute to a green lifestyle, and help raise awareness
of the role of cannabis in natural, plant-based care," added
Edan Wolk.
"This acquisition gives Pure Global a head start with a
high-margin line of products that have been formulated for our
target audience, and will serve as the base for our international
CBD wellness and pet product lines," said Malay Panchal founder of
PureSinse and CEO of Pure Global Cannabis Inc. "We will manufacture
these products at scale and sell through online and over the
counter retailers in the Canadian, European, U.S., and Asian
markets where we will look to introduce these products within the
next 12 to 24 months," added Mr. Panchal.
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, 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, 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.
To register to Pure Global's mailing list, please visit
www.pureglobal.com. Follow @pureglobalcanna on Twitter and
Facebook and @pureglobalcannabis on Instagram.
About the Great Canadian Hemp Company
Great Canadian Hemp Company is a Toronto-based company devoted to promoting
wellness and sustainability through natural care. We create
products that are gentle, effective and easy to use, without the
use of chemicals, synthetics or unnecessary fillers. Our ingredient
lists are clear and simple, containing only pure, plant-based
botanicals. Everything we make is 100% Vegan and Cruelty-Free. We
imagine, create and test our formulas in-house, with real people.
Our hearts and consciences are worn proudly on our
sleeves.
In addition to creating products that promote wellness and
self-care, we place a premium on giving back to Nature. It is the
source that provides us with the powerful ingredients we use in our
formulas, and a place we all have a responsibility to maintain (see
our SeedThe6ix initiative for more).
For more product information, please visit their website at
www.greatcanadianhemp.com, learn more about their philosophy, and
sign up for their mailing list. Follow them @greatcanadianhempco on
Instagram.
FORWARD-LOOKING STATEMENTS
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.
To register to Pure Global's mailing list, please visit
www.pureglobal.com. Follow @pureglobalcanna on Twitter and Facebook
and @pureglobalcannabis on Instagram.
SOURCE Pure Global Cannabis Inc.