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Canadians Spent Big Money on Cannabis Products in 2020, and New 2.0 SKUs Could Boost Sales Higher


News provided by

Microsmallcap.com

03 Mar, 2021, 13:50 GMT

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- FN Media Group Presents Microsmallcap.com Market Commentary

NEW YORK, March 3, 2021 /PRNewswire/ -- After overcoming some significant roadblocks since legalization in 2018, the Canadian regulated cannabis industry had a huge year in 2020. Canadians more than doubled their purchases from 2019, buying $2.6 billion worth of cannabis and cannabis products last year—a 120% increase year over year. While lockdowns stemming from the public health crisis undoubtedly gave a major boost to the industry's growth, the increases also represented a maturation of its providers gaining footing and beginning to overtake the black market. Under the 'Cannabis 2.0' banner, cannabis companies were able to roll out an expanded list of regulated products, with perhaps the biggest benefactors being the extractors, including Pure Extracts Technologies (CSE: PULL) (OTCPK: PRXTF), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), Aphria Inc. (NASDAQ: APHA) (TSX: APHA), Hexo Corp. (NYSE: HEXO) (TSX: HEXO), and Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED).

More products are potentially on the way, as Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) submitted multiple SKUs to Health Canada for approval, including THC vapes, CBD vapes, 1:1 blended vapes, and 3 different flavors/formulations of gummies.

"We create products that are in high demand by provincially authorized distributors and retailers nationwide, and are looking forward to having our high quality, FSO products in consumers' hands early in Q2 of this year," said Pure Extracts CEO, Ben Nikolaevsky.

The new products will be launched under Pure Extracts' 'Pure Pulls Vapes' and 'Pure Chews Gummies' branded product lines.

Operating out of its all-new, state-of-the-art processing facility located within 20 minutes of the resort town of Whistler, British Columbia, Pure Extracts Technologies continues to develop its portfolio of cannabis 2.0 products. Much of the company's cannabis emphasis has been on its 34 proprietary formulations of 'Pure Pulls' branded full spectrum oil (FSO) vape products and on their new line of 'Pure Chews' edible gummies, which are manufactured under license from Taste-T, LLC, the manufacturer of the popular Fireball cannabis gummies.

The Whistler-based Company is coming off of a newly-signed cannabis 2.0 distribution deal with Canada House Wellness Group Inc. to distribute cannabis concentrate products.

"We've been extremely impressed with the Pure Extracts team and the brand presence they have established particularly in the western provinces," said Chris Churchill-Smith, Canada House CEO. "We look forward to supporting their commercialization efforts in a mutually beneficial way."

At the core of the Pure Extracts business model is its state-of-the-art, plant-based extraction technology. Recently, the Company announced its first commercial sale of CBD oil on the wholesale market, further bolstering the supply for other developers of cannabis 2.0 products. At 85% purity levels, Pure Extracts' high-purity CBD distillate is ideally suited for use in most cannabis 2.0 products, including edibles, vape pens, and beverages.

"We are excited to have completed our first commercial order and we are proud of the quality of distillate that our extraction team has produced in our new, world-class facility," remarked Nikolaevsky.

Among the top cannabis 2.0 products available, the top seller is vape pens.

To that end, one province over in Alberta, Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) began ramping up talk of its cannabis 2.0 strategy back in 2019. By May, the company had already begun building up inventory in anticipation of the legalization of edibles and vaping products—more than a year ahead of schedule.

The head start paid off, as Aurora's Drift brand topped the edibles category with 27% of sales online, and 25% in retail stores.

But with perhaps a bigger edge over Aurora in the cannabis 2.0 race came from the moves made by Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) when it signed a deal with partners Constellation Brands, with plans to launch innovative cannabis-infused beverages.

That concoction became a reality last summer, when the partnership unveiled its beverage called Tweed to the market. Canopy has also supplemented its cannabis 2.0 offerings with such products as the Martha Stewart line of CBD products, which includes gels and oils and involves a line of CBD products for pets.

Canopy wasn't the only cannabis producer that partnered with a giant bottler to produce new beverages. Hexo Corp. (NYSE: HEXO) (TSX: HEXO) has secured a top spot in the cannabis-infused beverages category in Canada, through its Truss line of beverages co-developed and marketed with Molson Coors.

The duo followed up the offering into the USA, with the launch of Veryvell, a new line of non-alcoholic, sparkling CBD beverages, exclusively available in Colorado.

Product innovation seemed to benefit Aphria Inc. (NASDAQ: APHA) (TSX: APHA) greatly in 2020. Sales from its products pulled even with its distribution business for the first time in the first quarter, and it's been a successful run since.

"[During that period] the company successfully launched over 30 new vape SKUs into the Canadian market with positive reviews from control boards and consumers alike," the company stated in a note upon the release of those results.

Aphria was buoyed by its success with vape products, which it focused on among its cannabis 2.0 categories. Vape pens currently represent approximately 13% of the total Canadian retail cannabis market, according to the company, and it believes that share will reach at least 20% looking ahead.

As vape products and other cannabis creations gain in popularity, extraction companies like Pure Extracts benefit from a first-mover advantage in an industry that appears to be steadily growing.

To get more information on Pure Extracts Technologies, please click here.

DISCLAIMER: Microsmallcap.com (MSC) is the source of the Article and content set forth above.  References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of Pure Extracts.

FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.

Media Contact:

FN Media Group, LLC 
info@financialnews.com 
+1(561)325-8757

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