PUF Ventures Forms Colombian Subsidiary to Pursue International Opportunities
PUF Ventures Inc. (CSE:PUF, Frankfurt:PU3, OTCPK:PUFXF), an advanced Access to Cannabis for Medical Purposes Regulations (“ACMPR”) license applicant, is pleased to announce the formation of a wholly owned subsidiary Pure Grow Medicinals S.A.S. in Colombia to pursue additional international opportunities in the cannabis industry.
“Colombia is in the early stages of legalizing cannabis for medicinal and export purposes, and represents a strategic opportunity for PUF” said Derek Ivany, President and CEO of the Company. “It is a cannabis friendly jurisdiction where we have established local business relationships. We are in discussions and conducting due diligence on several projects with significant potential. By leveraging our experience in other international markets, we will ensure the success of Pure Grow Medicinals.”
Medical cannabis was formally legalized in Colombia in 2015. Like Canada, local producers must obtain licenses from the government for the cultivation of psychoactive and non-psychoactive plants. Due to its proximity to the equator, Colombia has the ideal natural environmental to grow many different crops including cannabis. Plants are grown in open-air greenhouses, under a 12-hour sun cycle, throughout the year, and there is ample access to natural water sources. A minimal requirement for electricity and access to water are substantial cost advantages making Colombia one of the lowest cost cannabis producers in the world.
Internationally, PUF Ventures currently owns a 35 percent stake in Solaris Nutraceuticals, a private company based in Australia which is building a 1.2 million sq. ft., hi-tech, ultra-efficient, large-scale cannabis greenhouse in New South Wales, Australia. A potential project in Colombia represents a second international project to be undertaken by PUF Ventures.
About PUF Ventures Inc.
PUF Ventures Inc. is a growth oriented and diversified company focused on the international cannabis industry. It has ownership in several cannabis companies: AAA Heidelberg, Solaris Nutraceuticals Pty Ltd., and Natures Hemp Corp., and is actively pursuing other opportunities within the industry. PUF has an option to purchase 100% of AAA Heidelberg Inc., an advanced applicant for an ACMPR license. Solaris Nutraceuticals is building the largest medical cannabis greenhouse in the Southern Hemisphere. For more information please visit: www.puf.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
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