- PULL subsidiary Pure Mushrooms Corp. opens direct-to-consumer e-Commerce store on Amazon platform
- Store features Reishi, Maitake formulations with plans to add Lion’s Mane in summer 2021
- Global functional mushroom market valued at $25.4 billion in 2020, expected CAGR of 8.44% from 2021-2026
- Company expands psychedelic vertical through letter of intent with Psyence Group to co-produce psychedelic mushroom-based psilocybin formulations
Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, recently announced that Pure Mushrooms Corp., its wholly owned subsidiary, has opened a direct-to-consumer, e-Commerce store on the Amazon platform to sell its Reishi and Maitake formulations. Marketed under the Pure Mushrooms brand, the Company expects sales to add significantly to 2022 revenue growth and plans to add more formulations alongside increasing functional mushroom market demand.
Mordor Intelligence valued the global functional mushroom market at $25.4 billion in 2020 with an expected CAGR of 8.44% from 2021-2026 (https://ibn.fm/2ri8B). The industry has been growing rapidly in recent years with popular uses spanning cognitive enhancement to reducing cancer risk (https://ibn.fm/nMx1d). With an aim to tap into the growing market, Pure Mushrooms’ gluten-free and vegan Reishi and Maitake formulations are priced at just under $20 for 90 capsules, with a planned rollout of its Lion’s Mane formulation this summer.
“We are excited to be on Amazon, the largest online marketplace and the most powerful platform in the world for brand development, and to have made our first US and Canadian sales of our Pure Mushrooms products,” said Pure Extracts CEO Ben Nikolaevsky. “The functional mushroom wellness market is experiencing robust sales as many consumers are trying to boost their immune systems in light of the COVID-19 pandemic. As we build out the mushroom extraction section of our facility, we plan to bring more products to market.”
Pure Extracts is also making strides in its psychedelic mushrooms vertical through a recently signed letter of intent with the Psyence Group to co-produce psychedelic mushroom-based psilocybin formulations. As one of the world’s first psychedelic mushroom companies, Psyence operates a federally legal commercial cultivation and extraction facility in Southern Africa. With a network based in South Africa, Lesotho, Jamaica – and now Canada – the company aims to rapidly develop natural psychedelics and novel drug delivery systems for patients across the world (https://ibn.fm/kYc3X).
Based in British Columbia, Pure Extracts operates out of its state-of-the-art facility built to European Union GMP standards, enabling the Company to obtain EU-GMP certification for export to European countries where its products are legal for sale and consumption. With the market for cannabis, functional and medicinal psychedelic products gaining traction across the world, Pure Extracts is favorably positioned to gain significant market share within the rapidly expanding plant-based medicine industry.
For more information, visit the company’s website at www.PureExtractsCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to PULL are available in the company’s newsroom at https://ibn.fm/PULL
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