Pure Global Cannabis Inc. (TSXV: PURE) (OTC Pink: PRCNF) (the “Company” or “Pure Global” or “Pure“), an integrated growth-oriented cannabis bulk extracts and consumer products manufacturing company, operating through its wholly-owned subsidiary PureSinse® Inc., a Health Canada Licensed Producer under the Cannabis Act, which also operates under a B2B brand PureCanna Solutions, is very pleased to announce the appointment of Scott Langille as the new Chief Financial Officer of Pure Global with immediate effect, following the departure of Bhupender Gosain as Chief Financial Officer and Corporate Secretary of the Company to pursue other opportunities. As a senior member of the executive leadership team, Scott will report directly to the CEO Malay Panchal.
Mr. Langille brings many years of experience in the pharma and cannabis industry, holding key roles in finance, corporate development and strategic planning. Previously, he served as CFO of Wayland Group Corp., a vertically integrated cultivator and processor of cannabis, where he led the company’s finance and treasury operations. Prior to Wayland, he held CFO roles at Tribute Pharmaceuticals and Virexx Medical Corp. He has led several financings and business development deals in the Biopharma as well as the cannabis sector. He also was a vice-president at Biovail Corp. (US office) from 2001-2002. Mr. Langille is a Certified Management Accountant, holds an MBA from the University of Toronto, as well as an undergraduate Bachelor of Applied Arts degree from Ryerson University.
“We are excited to have Scott join Pure Global. We believe his deep pharma and cannabis industry knowledge and the experience he has gained makes him an ideal choice to lead our financial strategy,” said Malay Panchal, Founder & CEO of Pure Global. “We recently announced several significant financings which, upon closing, will strengthen our balance sheet and ensure our short-term liquidity. Adding Scott’s extensive skillset strengthens our finance organization and complements our management team as we focus on profitability and building shareholder value. We would like to express our thanks to Mr. Gosain for his services to the company in its formative years as a public company.”
In addition, Pure Global announces that the supermajority holder of the issued and outstanding 8% senior secured convertible debentures of the Company issued on September 17, 2018 (collectively, the “Secured Debentures“) has agreed to an amendment to the terms of the Secured Debentures pursuant to which, among other things, all accrued and unpaid interest under the Secured Debentures that was owed to each holder of the Secured Debentures on December 31, 2019 will be paid on or before February 28, 2020. In addition, on or before March 16, 2020, the Company will make a repayment in the aggregate amount of $500,000 of the principal amount outstanding under the Secured Debentures on such date, together with accrued and unpaid interest on such amount.
Pure Global has also agreed to apply to the TSX Venture Exchange (the “Exchange“) and use its commercially reasonable efforts to obtain approval of the Exchange to amend the terms of the Secured Debentures to reduce the conversion price applicable to 10% of the principal amount outstanding under each Secured Debenture (the “10% Conversion Price“) to: (i) $0.056, or (ii) if the Exchange does not approve a conversion price of $0.056, the lowest conversion price that the Exchange shall approve. In addition, in the event the issue price of the units of the Company issued in connection with the private placement of units announced on February 12, 2020 is less than $0.056 per unit, the Company shall use its commercially reasonable efforts to obtain as soon as practicable all necessary regulatory and Exchange approvals to reduce the 10% Conversion Price to such price.
“Pure is pleased to see the support and positive inclinations of the debenture holders to work towards attaining a stronger financial position for the company. This agreement helps strengthen our balance sheet while alleviating any undue risk to the Company,” commented CEO Malay Panchal.
About Pure Global Cannabis
Pure Global is an EU-GMP grade cannabis manufacturer focused on producing high-quality high margin branded and white label cannabis and CBD consumer products, premium quality bulk dried flower, full spectrum concentrates, and pre-formulated active ingredients for CPG manufacturers globally. The Company is led by a professional team of experienced pharma, biotechnology, horticultural, extraction, manufacturing and consumer packaged goods experts, and operates through its wholly owned subsidiary, PureSinse® Inc., which is a licensed producer under the Cannabis Act. Pure operates a B2B brand under PureCanna Solutions which is focused on high-margin bulk cannabis extracts, bulk CBD sales, as well as white label, and co-manufacturing services. The Company’s 18,000 square foot Brampton manufacturing campus houses facilities for vertically farmed hydroponic indoor cultivation, R&D, extraction, processing, and packaging. To compete in international markets, Pure Global is the process of deploying a joint operation in Yunnan, China for large scale hemp derived organic bulk CBD manufacturing and processing for international bulk and finished product sale under Special Economic Zone tax-free export provisions. Pure has also launched, or is in the process of launching, several premium branded products in targeted consumer categories into the Canadian legal adult market including PureSinse® Wellness, Paper&Weed Pre-Rolls, Galaxy Cannabis, Kumo Edibles, and PureSinse® Medical, which operates with Pure’s wholly own subsidiary Spark Cannabis Clinic, offering free telemedicine consultation for medical cannabis patients across Canada. Through its recently acquired division, The Great Canadian Hemp Company®, which won Hemp Product Company of the year at the recent 2019 GrowUp Awards, Pure is launching a line of organic hemp oil and CBD topical products, into several markets in Europe and Asia in the first half of 2020.
This news release contains certain forward-looking statements, including, but not limited to, statements about Pure Global’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Pure Global cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Pure Global assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Pure Global Cannabis Inc.
FOR FURTHER INFORMATION:
Malay (Mel) Panchal
Founder, President & CEO
Telephone: 1-866-840-PURE (7873)
VP Corporate Development
Telephone: 1-866-840-PURE (7873)