Pure Extracts and ShroomBloom Sign Psychedelic Mushroom Supply Letter of Intent

VANCOUVER, British Columbia, March 09, 2021 (GLOBE NEWSWIRE) -- Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) (“Pure Extracts” or the “Company”), a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, is pleased to announce that it has signed a Letter of Intent (LOI) with ShroomBloom Labs/Floja Bioscience Inc. (“ShroomBloom”) to enter into an agreement for the supply of psychedelic mushroom biomass.

ShroomBloom is a British Columbia based mushroom cultivator whose unique growing method uses a sustainable forest product to grow organic Psilocybe Azurescens mushrooms. Also known as Azures, they are native to British Columbia and are one of the most potent psilocybin mushrooms that have ever been found. Azures contain up to 1.8% psilocybin, 0.5% psilocin, and 0.4% baeocystin by dry weight - nearly three times more than the more common Psilocybe Cubensis mushrooms. ShroomBloom is currently conducting a bio-tech research and development program utilizing artificial intelligence (AI) to industrialize the cultivation of psychedelic mushrooms. Their goal is to become the global leader in the production of psilocybin mushrooms.

Under the terms of the LOI, Pure Extracts would get preferential access to ShroomBloom’s crop of psychedelic mushrooms and would get ‘most favoured nation’ pricing. The LOI is subject to both ShroomBloom and Pure Extracts holding Dealer's Licences under the Controlled Drugs and Substances Act (CDSA).

Pure Extracts CEO, Ben Nikolaevsky, remarked, “A supply agreement with a world-class cultivator like ShroomBloom would ensure a reliable source of high-quality, high-potency, psychedelic mushroom biomass for our extraction facility so that we can produce plenty of psilocybin for our formulation R&D activities and for any resulting clinical trials.”

About Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ)
Pure Extracts features an all-new, state-of-the-art processing facility located just 20 minutes north of world-famous Whistler, British Columbia. The bespoke facility has been constructed to European Union GMP standards aiming towards export sales of products and formulations, including those currently restricted in Canada, into European jurisdictions where they are legally available. On September 25, 2020, Pure Extracts was granted its Standard Processing License by Health Canada under the Cannabis Act and the Company’s stock began trading on the Canadian Securities Exchange (CSE) on November 5, 2020. Find out more at https://pureextractscorp.com/.

For further information please contact Empire Communications Group at (604) 343-2724.

ON BEHALF OF THE BOARD
“Ben Nikolaevsky”
Ben Nikolaevsky
CEO and Director

The CSE has neither approved nor disapproved the contents of this press release.

This news release contains forward-looking statements relating to the future operations of Pure Extracts,
and the other statements are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of Pure Extracts’, are forward-looking statements and involve risks and uncertainties. The Company is in the early stages of applying for a Dealer’s License and there is no certainty that the Company will ultimately be successful in obtaining a Dealer’s License. A number of factors could cause actual events, performance or results to differ materially from what is projected in forward looking statements. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and we cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under “Risk Factors” in the Company’s Annual Information Form. The Company does not undertake to update any forward-looking information, except as, and to the extent required by, applicable securities laws.