Puration and Greenbelt Resources Corporation Announce LOI to Build Cannabis Extraction Facility in California to Serve $10B Projected Cannabis Market
07 Dec, 2017, 08:12 ET
DALLAS, Texas, December 7, 2017 /PRNewswire/ --
Puration, Inc. (OTC: PURA) and Greenbelt Resources Corporation (OTC: GRCO) (Greenbelt) are entering into a Letter of Intent (LOI) to jointly develop and operate a cannabis extraction facility in California. When operational, the facility will serve the local legal recreation cannabis market and the global cannabidol (CBD) market where legal. Puration has licensed a patented process for extracting cannabinoids from the cannabis plant.
As an extension of its extraction business plan, in March, Puration introduced EVERx CBD Infused Sports Water at Arnold Schwarzenegger's annual Arnold Sports Festival (formerly the Arnold Classic) in Columbus, Ohio. EVERx CBD Infused Sports Water is currently available at Drug Emporiums.
Puration recently completed successful tests of Greenbelt's bioethanol for use as a solvent during the extraction process. Greenbelt produced the bioethanol from brewery waste collected in its hometown, Paso Robles, California. Brewery waste, along with other waste-based feedstocks, are targeted for use in Greenbelt's Paso Robles ECOsystem (PRECO), a waste-to-energy interconnected system (ecosystem) that will produce 500,000 gallons of bioethanol from a variety of local feedstocks.
The LOI expresses the intention of the two companies to combine their respective extraction resources and build and operate an extraction facility in California.
Legal recreation marijuana sales start in California on January 1, 2018, and Puration is positioned to become a leading cannabis production company. A recent report from ArcView and BDS has increased a previous $7 billion valuation of the legal marijuana market in California by 33% to $10 billion. California is anticipated to be the largest legal cannabis economy in the U.S.
About Greenbelt Resources
Greenbelt Resources Corporation™ is an award-winning provider of sustainable energy production systems focused on delivering modular solutions that enable the localized processing of locally generated waste into locally consumed products. Greenbelt designs, develops and implements technology that makes the production of advanced biofuel reliable, practical and efficient. Controlled by proprietary automated controls, Greenbelt's small-scale, end-to-end modular systems convert food, beverage and other cellulosic wastes into commercially viable advanced biofuels (bio-ethanol), animal feed, fertilizer and filtered water. For more information visit www.greenbeltresources.com.
Forward-Looking Statements & Safe Harbor
This document includes certain statements, predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the supply and demand for biofuels, our ability to remain technologically competitive and other economic, competitive and technological factors involving the Company's operations, markets, services, products and prices.
Puration is engaged in the development of standardized and repeatable cannabidiol extraction processes that can deliver a consistent and high-quality concentrate for infusion into consumer food and beverage products that appeal to the recreational and wellness market segments. For more information visit www.aciconglomerated.com.
This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.
For More Information Contact:
Brian Shibley, Puration
SOURCE Puration, Inc. and Greenbelt Resources Corporation
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