The cannabis sector has had its ups and downs over the course of the past year, but the legalization of cannabis derivative products in Canada has come as a major boost to the sector. That has, in turn, led to much more interest in companies that provide cannabis and hemp extraction services to cannabis firms.
Signs LOI with PURICA™
One of the more notable companies in this regard is the plan based extraction company Pure Extracts Technologies Corp (CSE:PULL) (XFRA:A2QJAJ). The company is involved in extraction services for mushrooms, cannabis, and hemp and on Wednesday, Pure Extracts made a major announcement as well. Hence, it was no surprise that the company was the subject of the latest video from RICH TV LIVE.
Yesterday, the company announced that it has signed a letter of intent with The Nutraceutical Medicine Company Inc, which will see Pure Extract potentially expanding its work in the mushroom extraction space. Nutraceutical owns the brand PURICA and it is going to use Pure Extract’s services in order to get into mushroom extracts and CBD businesses.
It goes without saying that it is a major development for Pure Extracts and after the news broke, the stock rallied by as much as 21% to hit $0.74 a share. The RICH TV analyst also pointed out that the stock also hits its all-time high of $0.75 yesterday.
In this sort of situation, it could be a good idea for investors to keep a keen eye on the developments with regards to Pure Extracts. The RICH TV analyst also spoke at length about the letter of intent that Pure Extracts signed with PURICA. In addition to that, the analyst also pointed out that the company is also involved in the psychedelic based mushrooms space and added that is another sector that could potentially be quite lucrative in the long run.
The functional mushroom sector is growing at a pretty impressive rate and that is the primary reason why investors have been quite focussed on the progress made by Pure Extracts so far. The potential deal is going to result in the positioning of Pure Extracts at the intersection of the CBD and the functional mushroom sectors.
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