This morning, PUF Ventures (CSE:PUF)(OTC:PUFXF) announced that the company has entered into an agreement to purchase property adjacent to their current facility. The adjacent property is one half of an acre and the company estimates that this space would enable them to expand to 35,000 square feet from its current 8,800 square feet.
PUF Ventures will not be seeking to amend their ACMPR application, instead the company intends to wait until they are approved (if they are approved). They see the additional property as providing the option to grow additional specialty strains for Canopy Growth Corp's CraftGrow program.
In the meantime, the company remains focused on the completion of the remaining upgrades to the current facility in preparation for licensing.
PUF Ventures' President and CEO, Mr. Derek Ivany
"The opportunity for PUF to expand its cultivation facility by almost 3 times will allow for a more diversified option of strain production along with the economic advantages available to a larger grow-space. With the legalization of recreational marijuana on the horizon and as the maturation of the ACMPR program continues, it has become apparent that a certain level of cultivation capacity and scale will be necessary to remain competitive on a national level. We will continue to seek out opportunities to grow our business as we look to become a leading producer of medical and recreational marijuana in Canada and international markets."
In early trading Wednesday, shares of PUF Ventures are up roughly 3% on the CSE. Shares haven't traded on the OTC Markets yet. Year-to-date, shares of PUF Ventures are up more than 45%.
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