PUF Ventures (CSE:PUF, Frankfurt:PU3, OTCPK:PUFXF) an advanced Access to Cannabis for Medical Purposes Regulations (“ACMPR“) license applicant, has received and subsequently provided responses to a status update request letter from Health Canada with respect to the readiness for licensing of its majority owned AAA Heidelberg facility in London, Ontario.
Effective May 25, 2017, Health Canada abridged and amended the application process for prospective Licensed Producers. Under this new framework, the Company is awaiting the “Issuance of License to Produce” (Stage 3). The Company is currently working with its ACMPR consultants on the finalization of remaining items and facility upgrades in advance of any potential request for inspection by Health Canada. Specific focus will be directed towards completing the following items:
- Installation of an air purification unit
- Renovation of office space and employee break areas
- Installation of final security systems
- Sanitization and purification of the facility
- Installation of perimeter security fencing
- Improving the building façade
Management estimates that these final upgrades will take approximately four weeks to complete. So as to fast track its go-to-market strategy, in line with the Company’s recently announced joint venture agreement with Canopy Growth Corp., PUF hopes to capitalize on the newly instituted and streamlined ACMPR application process by completing the AAA Heidelberg facility as expeditiously as possible.
About PUF Ventures Inc.
PUF Ventures Inc. owns a majority interest in AAA Heidelberg, a private Ontario company that is an advanced applicant for an ACMPR license from Health Canada. PUF has an option to acquire the balance of shares to own 100% of AAA Heidelberg upon receipt of the ACMPR license. Through an exclusive joint venture agreement with Canopy Growth Corp., PUF will join CraftGrow, a collection of high-quality cannabis grown by a select and diverse set of producers, made available through the Tweed Main Street website. While it cannot guarantee nor estimate the timing of the issuance of a license to AAA Heidelberg, it is management’s goal to become a leading supplier of medical marijuana in Canada.
VapeTronix, a wholly owned subsidiary of the Company, is in the process of developing Weedbeacon, and expanding its 1313 brand of electronic cigarettes, marijuana vape delivery devices and associated technologies. For more information visit: www.puf.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
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Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer’s future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
SOURCE PUF Ventures
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