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US: Puration to convert First Choice Nursery into MMJ operation

Puration has entered into a letter of intent agreement to acquire First Choice Nursery which has an existing twenty-five greenhouse facility in Texas. The company has the opportunity to expand to an additional 400 irrigated greenhouse pads ready for buildout. 

Puration has a U.S. Patented Cannabis Extraction process licensed from NCM Biotech. The license of the process to Puration is the first and only license NCM Biotech has executed. R&D with NCM Biotech's patented process has demonstrated a high potential for bringing FDA approved pharmaceutical products to market for the treatment of multiple neurological disorders and cancer. 

"I have received doctor feedback from more than one of our research initiatives that extracts coming from NCM Biotech's patented process are superior in purity and quality to any other available cannabis extracts," said Frederick Ferri, CEO and Founder of NCM Biotech. "Some feedback has specifically indicated that a number of our candidate pharmaceutical products under development have a greater efficacy potential than GW Pharmaceutical products and candidate products."

The pending acquisition of First Choice Nursery is taking over what was a family owned nursery operation. The projected $1 million in annual revenue from the operation of 25 greenhouses will come primarily from the sale of traditional greenhouse grown flowers for use in residential landscaping. The original nursery operation had a long history that includes contracts with Lowes and Home Depot. 

Puration and NCM Biotech plan to expand existing University Research relationships to include a portion of the greenhouse facility being utilized to develop a proprietary strain of CBD. Puration will use proceeds from the balance of the traditional nursery operation to expand the operation into its full 400 greenhouse potential. The operation is located in a region of East Texas well known for nursery operations. Texas has recently legalized medical marijuana and is pending the issuance of its first licenses. Puration intends to transition to marijuana growing overtime in conjunction with the legalization process. In the meantime, Puration anticipates the traditional nursery operations have the potential to expand to as high as $16 million in annual sales. Medical Marijuana sales can be substantially higher.

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