TORONTO, July 11, 2018 /CNW/ - Pure Global Cannabis Inc.
(TSX.V:PURE) (the "Company" or "Pure Global)
(formerly Royal Sapphire Corp TSX.V:RSL) is pleased to announce the
commencement of trading in the Company's common shares on the TSX
Venture Exchange ("TSXV") under the ticker symbol "PURE"
effective at the open on July 11,
2018. This follows the closing of the amalgamation and
reverse takeover transaction (the "Transaction") with
PureSinse Inc. ("PureSinse"), as announced on July 10, 2018.
Pure Global is a growth-oriented life sciences cannabis company
led by experienced pharma-industry, horticultural, and supply chain
experts. The Company's wholly-owned subsidiary, PureSinse, is a
licensed producer under the Access to Cannabis for Medical
Purposes Regulations ("ACMPR") focused on producing
premium-quality cannabis products for medical, wellness, and future
legal adult recreational use. The Company is launching Canada's first multi-ponic cannabis farm – a
patent-pending system that is expected to produce several fold
greater yields over traditional methods while reducing cost and
eliminating pesticide and herbicide use.
Strategically-Located Flagship Facility
Production activities will be undertaken at a strategic location
in Brampton, Ontario, near Toronto
Pearson International Airport. This location offers efficient
access to both the Greater Toronto
and Hamilton areas, as well as
national and international distribution channels.
The initial site is an 18,000-square-foot facility, with a
fully-funded option to expand to 41,000 square feet, that will soon
be a hub for processing, production, research and development, and
distribution. Utilizing modern commercial horticulture and
hydroponic techniques, the Company is expecting to produce over
8,000 kilograms of premium-quality dried cannabis per year from
this facility and will be looking to significantly expand
production footprint and output in the near term.
Construction of Phase 1 at the Brampton facility has been ongoing for two
years and is at an advanced stage.
Experienced Management and Advisory Team
"After building PureSinse privately over the past four years, I
am excited and proud to bring the Pure Global story and team into
the limelight of the public markets," commented Malay Panchal,
founder of PureSinse and CEO and Director of Pure Global. "We are a
purpose-oriented company dedicated to improving lives through
access to reliable legal cannabis products while building enduring
value for shareholders."
The Pure Global team includes seasoned pharma-industry experts,
including Chairman Dr. Chandra
Panchal, PhD, whose distinguished resume includes acting as
Director for MaRS Innovation, as a senior scientist at John Labatt
Ltd., and as Chairman, President and CEO at Procyon Biopharma Inc.
The team also includes Nader
Gheshlaghi, PhD, a world-renowned specialist in plant
genetics and commercial-scale indoor and greenhouse horticulture,
and Michael Lavergne, a sustainable
supply chain and operations professional with 20 years of
multinational experience in fast-moving consumer goods (FMCG) and
retail.
Pure Global has also assembled an exceptional advisory board
consisting of leading capital markets and industry experts who are
actively assisting the Company with ongoing growth initiatives.
Intellectual Property
Pure Global has designed a unique multi-ponic growing system
(patent pending) that combines the best practices of hydroponics,
aquaponics, and aeroponics, with world-class commercial agriculture
methodologies. This automated system will enable the Company to
grow more plants in less time, without the use of herbicides or
pesticides. Vertical farming techniques will also be employed to
enable the growing of multiple tiers of canopy, exponentially
increasing potential yield from the same square footage.
Fully-Funded Milestones
The Company is fully funded to rapidly advance its production
and commercialization footprint.
PureSinse was issued a Cultivation Licence under the ACMPR in
December 2017 and is expecting
issuance of a Sales Licence under the ACMPR in Q3 2018.
The initial phase of construction at the Company's Brampton facility has been underway for some
time and will be completed in Q3 2018. This phase includes vault
storage built to Health Canada Level 9 standards for
$32M in product; extraction, QA and
microbiology labs; and order processing and packaging, shipping and
receiving, security, IT, and administrative areas.
The Company's Phase 1 facility is equipped with GMP-standard
clean rooms, which the Company will use to produce innovative and
proprietary extraction formulations (cannabis concentrates) with
low-cost wholesale flower purchased from farmers. This will
facilitate a quicker path to revenue while Phase 2 of the build-out
proceeds in parallel.
Phase 2 of the initial build is expected to be completed in late
2018 / early 2019 and will include the ramp-up of the Company's
vertical farming cultivation to an expected capacity of 4,000
kilograms of premium-quality dried cannabis per year in 18,000
square feet. Phase 3, expected to be completed in Q1 2019, will
involve expansion of cultivation operations to an expected capacity
of 8,000 kilograms of premium-quality dried cannabis per year in
41,000 square feet. The Company will be continuously evaluating
opportunities for additional expansion, both at the existing
facility and beyond.
Early Warning Disclosure Pursuant to National Instrument
62-103
In connection with the Transaction, Malay Panchal acquired
ownership, control or direction over securities of Pure Global
requiring disclosure pursuant to the early warning requirements of
applicable securities laws. Immediately prior to completion of the
Transaction, Malay Panchal did not have ownership of, or exercise
control or direction over, any voting or equity securities of Pure
Global.
Pursuant to the Transaction, Malay Panchal acquired ownership of
25,441,809 common shares of Pure Global ("Pure Global
Shares"), representing approximately 17.21% of the issued and
outstanding Pure Global Shares. Such Pure Global Shares were
received in exchange for Malay Panchal's common shares of PureSinse
Inc. Certain of the Pure Global Shares are subject to escrow
provisions. Pursuant to the Transaction, Malay Panchal also
acquired 2,125,000 Pure Global share purchase warrants
("Warrants") and options ("Options") to
purchase 2,000,000 Pure Global Shares at a price of $0.25 per Pure Global Share in exchange for an
equivalent number of options and warrants of PureSinse Inc.
previously held by Malay Panchal. If Malay Panchal were to exercise
all Warrants and Options held (including the post-Transaction
issuance of 500,000 Options at $0.33), he would obtain ownership and control
over an additional 4,625,000 Pure Global Shares, which, when
aggregated with the other Pure Global Shares indirectly owned or
controlled by Malay Panchal, would total 29,566,809 Pure Global
Shares representing approximately 19.72% of the issued and
outstanding Pure Global Shares on a partially diluted basis (i.e.
assuming the exercise of Malay Panchal's Options and Warrants
only).
An early warning report will be filed in accordance with
applicable securities laws on Pure Global's profile on SEDAR
(www.sedar.com). A copy of such report may also be obtained by
contacting Pure Global Investor Relations at
info@pureglobal.com.
For more information and to register to Pure Global's mailing
list, please visit www.pureglobal.com. Follow @pureglobalcanna on
Twitter and Facebook and @pureglobalcannabis 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, and the listing of the Resulting
Issuer Shares on the TSXV. 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,
the 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 the Pure Global assumes no obligation to update or
revise them to reflect new events or circumstances, except as
required by law.
Neither the TSXV 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.