Purefarma, based in Kelowna, BC, brings an experienced extraction team, which is a key aspect to the overall growth strategy for Heritage. The Purefarma team will expand its premium CBD and THC oil offerings within the PhyeinMed and CannaCure Licensed Producer infrastructure, as both LPs intend to obtain amended licenses to include extraction in the near future. Purefarma has an existing supply agreement for 1,600 acres of hemp available through partner farmers, which has been harvested this season and available for the 2019 consumer market.
"This transaction is a revolutionary step for Heritage as we are taking a meaningful position in the CBD extraction industry in Canada," states Clint Sharples, Chairman and Interim CEO of Heritage. "As many in this industry have realized, the extraction business is exciting yet difficult to execute. By adding the experts from Purefarma, a team of recognized industry leaders in the extraction business, we have provided Heritage and its subsidiaries a platform to position itself on the global stage, and move us into a whole new phase.”
Heritage is adding a number of key pieces to its platform, we’re installing our fourth co2 extraction unit in addition to our ethanol and hydrocarbon system we have previously built. This expansion doubles our liquid co2 extraction output infrastructure with the intention to expand our market overseas and prepare for the next evolution of legalization in Canada."
Vancouver, B.C., October 30, 2018 – HERITAGE CANNABIS HOLDINGS CORPORATION (CSE: CANN) (“Heritage” or “Company”) targeted subsidiary Purefarma Solutions Inc. (“Purefarma”) is pleased to update that its Saskatchewan based joint venture partner, has completed harvesting over 1,000 acres hemp, and is on schedule for the full 1,600 acres planned for this year. Once the full harvest and quality checks are complete, Purefarma expects to take delivery of 1,100 acres of x-59, and 500 acres of Canda strains.
Hemp samples have been received, quality checks are ongoing, and the material is ready to start being brought into the LP environment. The approximate weight for this year’s harvest is anticipated to exceed 80,000 kg, which is meeting previous expectations.
In addition to the previously planned 1,600 acres, Purefarma is evaluating other supply options which, if acceptable, could be a considerable addition to this year’s raw material supply.
“This year’s hemp harvest was the most ambitious in our history.” says Graeme Staley, President of Purefarma “we are pleased with the results and we’re looking forward to begin processing it in our expanded network.”
Clint Sharples, Chairman and interim CEO of Heritage states “The expansion of the Purefarma business is integral to our future plans, and the success of this year’s hemp harvest puts us nicely on track to achieve our projected revenue in 2019.”