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PUF Ventures (CSE:PUF, Frankfurt:PU3, OTCPK:PUFXF) is a late-stage applicant under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) with a goal of becoming a leading supplier of medical marijuana in Canada. The company is advancing through Stage 5 “Review” and awaiting notice from Health Canada for the Stage 6 Pre-Licensing Inspection. PUF holds majority ownership of a fully-constructed grow facility located in London, Ontario. The company will be granted full-ownership of the facility upon receipt of the ACMPR license.
PUF Ventures has a joint-venture partnership with Canopy Growth Corporation (TSX:WEED), the industry’s largest player, and is only the fourth company to be selected for Canopy’s exclusive CraftGrow Program—high quality cannabis grown by select producers and made available to registered customers of Canopy’s wholly-owned subsidiary, Tweed. “We believe our unique strains of cannabis will be popular in the CraftGrow product line, and look forward to working closely with the Tweed team to get our products to market,” said Derek Ivany, President and CEO of PUF Ventures.
The partnership gives PUF access to Canopy’s
- best growing practices;
- strains and lineage;
- technology and operational infrastructure;
- client lists; and
- marketing and distribution channels.
“Our partnership with Canopy Growth accelerates the timeline for PUF to be an actual cannabis producer selling its product to the medical marketplace under the ACMPR,” said Ivany. “Gaining access to Canopy’s marketing and distribution network will allow PUF to generate revenue much sooner and at a significantly lower infrastructure cost than PUF moving forward on an independent basis.”
PUF will have the added benefit of by-passing the need for a separate extracts and oil processing license by selling stems and other by-products directly to Canopy. “We can essentially provide Canopy all of our products and they will brand them with the PUF logo and sell for us within their distribution network,” said Ivany.
Growth in the Canadian Cannabis Market
PUF Ventures is well-positioned as an early-entry, growth-oriented company in the developing Canadian cannabis market. The market for legal Canadian-grown cannabis is growing exponentially due to expanding legislation. Analysts at VII Capital estimate that by 2024, the medical marijuana market in Canada will reach $3 billion in annual sales.
Following pending legalization in July of 2018, the Canadian retail cannabis market is projected to be between $4.9 billion and $8.7 billion annually, according to Deloitte’s recent report, titled “Recreational Marijuana: Insights and Opportunities”. Deloitte also projects that satisfying the recreational cannabis market will require 600,000 kilograms of marijuana production annually, which is far more than the current capacity of existing ACMPR Licensed Producers.
- Majority control of Stage 5 ACMPR applicant grow facility in Ontario.
- Joint venture partnership with industry leader Canopy Growth Corporation.
- Immediate access to growing Canadian medical cannabis market upon receipt of cultivation license.
- Strong leadership with experience in company building and public markets.
Derek Ivany—Interim President & CEO
As a public company consultant, Derek Ivany has worked with various publicly traded companies over the last 10 years. Mr. Ivany started his career on the investor relations & marketing side to corporate development in the oil & gas space. He transitioned into the mining space where he worked in the Uranium sector in Saskatoon and soon after founded his own mining company called Ivany Mining. With Ivany Mining, Mr. Ivany moved his focus to Alberta (Diamonds), Quebec (Gold & Diamonds) and South America (Copper-Gold, Silver and Potash). Mr. Ivany has worked with many International groups and successful held an Investment tour to promote the country of Cambodia with Deputy Prime Minister, Sok An. With strong International contacts in South East Asia, Derek transitioned into Vietnam and Laos and established a publicly traded bamboo company. Mr. Ivany has also worked on commodities projects in the coffee sector. Today, Mr. Ivany primarily focuses his attention on technology products and is credited for founding VapeTronix, Inc. and several of its properietary technology platforms around medical marijuana tracking. Mr. Ivany is also privately involved in the commercial real-estate space and is the owner of several financial data and fantasy sports analysis platforms.
Jerry Habuda brings over 35 years of expertise in law enforcement and specialized units. From 1977 to 2012, he served as a police officer with the Toronto Police Department. During his tenure, he was assigned to the Major Crimes Unit, investigating robberies and home invasions. He was assigned to patrol the Toronto Community Housing projects at Jane/Finch to control drug trafficking and gun violence. Mr. Habuda was with the Warrant Unit where he tracked down and arrested wanted criminals. From 1993-1997, he was assigned to the Northwest Drug Squad on undercover and surveillance work, executing narcotic search warrants. Between 2002 and 2004, Mr. Habuda headed the Street Violence Task Force, a special unit designed to curb gun and drug violence that was terrorizing the city at the time. Between 2009 and 2012, he was assigned to the Bail Compliance Unit, which was formed to track dangerous criminals with gun and drug charges while they were out on bail.
Chris Hornung has been vice-president of Kenex Manufacturing Co. in Brampton, Ont., since 1999. During his time with the company, he has co-founded and built several new divisions; Kenex Coatings in Mississuaga, Ont., is the premier service provider in finishing technology — still part of the group and successfully serving Southern Ontario; and Fluid Concepts and Design Inc. in Oakville, Ont., is a leading designer, distributor and manufacturer of contract office furniture with distribution throughout North America. In addition, Mr. Hornung is a partner in and is responsible for several different real estate holding companies in Vaughan and Brampton, Ont.
Chris Cherry has over 14 years of corporate accounting and audit experience. Mr. Cherry has extensive corporate experience and has held senior-level positions for several public mining companies, including director, chief financial officer and secretary. Mr. Cherry has been a chartered accountant since February, 2009, and a certified general accountant since 2004. He held positions with KPMG and Davidson and Co. LLP in Vancouver, B.C., where he gained experience as an auditor for junior public companies and as an initial public offering specialist.
Joe Perino – Director
Joe Perino’s thirty year career with the Toronto Police Service began in 1976 commencing as a uniform constable performing patrol duties and culminating in 2006 as a Detective Sergeant overseeing a busy investigative officer in the downtown Toronto core. Joe has been awarded the Exemplary Service Medal, and is the recipient of several awards from within the Service and from several community organizations. Joe holds a Bachelor’s Degree from the University of Guelph, and this passion for continued education lead Joe to accepting a position as a Professor in 2006 with the School of Community and Health Studies at Centennial College. Joe retired from teaching in 2015 to pursue his personal interests including, house building and service to seniors, and also offer his services as a consultant to business ventures.