PUF Ventures Inc. (CSE:PUF) (Frankfurt: PU3) (OTCPK: PUFXF), an advanced Access to Cannabis for Medical Purposes Regulations (“ACMPR”) license applicant, is pleased to announce that, further to its earlier news release of even date, the Company has completed the acquisition of Natures Hemp Corp. (the “Seller”). Pursuant to the share purchase agreement, the Company purchased 100% of the issued and outstanding common shares of the Seller in consideration of the issuance of a total of 1,200,000 common shares of the Company (equivalent to a value of CAD$600,000) which was distributed on a pro rata basis to the Seller at a deemed price of $0.50 per share.
PUF Ventures Inc. owns a majority interest in AAA Heidelberg Inc., a private Ontario company that is an advanced applicant for an ACMPR license from Health Canada. The Company has an option to acquire the balance of shares to own 100% of AAA Heidelberg Inc. upon receipt of the ACMPR license. Through a supply agreement with Canopy Growth Corp., the Company has joined CraftGrow, a collection of high-quality cannabis grown by a select and diverse set of producers, made available to the Canadian market through the Tweed Main Street website. While it cannot guarantee nor estimate the timing of the issuance of a license to AAA Heidelberg Inc. it is management’s goal to become a leading supplier of medical marijuana in Canada.
PUF Ventures Inc. owns a majority interest in PUF Ventures Australia (“PVA“), a private company with a purchase option on 27-hectares of land near the town of Casino, New South Wales. PVA is constructing a one million-square-foot greenhouse operation with large scale manufacturing and processing facilities for the cultivation, harvesting, processing of medical cannabis and associated products in Australia.
Weed Points Loyalty Inc. (formerly Vapetronix Holdings Inc.), a wholly-owned subsidiary of the Company, developing the first loyalty program that targets the emerging cannabis market by leveraging expertise and technology to create a platform that will allow producers, patients, and consumers to interact and define the future face of cannabis commerce. It is also developing WeedBeacon, a marijuana tracking technology.
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.