Vancouver-based cannabis company PUF Ventures Inc. (PUF Ventures Stock Quote, Chart CSE:PUF) is ready to rock now that it has finally received a cultivation license for its AAA Heidelberg growing operation. The timing is perfect, says Derek Ivany, PUF president and CEO, who sees his company becoming a leading supplier to the medical and recreational cannabis markets.
PUF Ventures’ share price jumped over 21 per cent in trading on Monday as investors reacted to news that after a two-year wait, the company had received an Access to Cannabis for Medical Purposes Regulations (ACMPR) cultivation license from Health Canada for AAA Heidelberg in London, Ontario. Currently, Heidelberg is present 56 per cent owned by PUF Ventures, with the company stating that it will soon exercise its option to purchase the remaining 46 per cent.
The company already operates a 2.2 million square foot greenhouse in Delta, BC, which currently offers plant propagation services and is in the middle of being converted in part to cannabis flower growing.
Cantech Letter spoke to Ivany who says the ACMPR license is a milestone for his company.
“The timing is right where we need it,” Ivany says. “This in my opinion will allow us to make the big moves we’ve been strategizing about for a couple of years now.”
“If we had a license five years ago, we would be one of the big guys right now, I am confident of that,” says Ivany. “We do have some catching up to do but with our first major pivot with Delta and 2.2 million square feet, we’re really not far behind. This license is a game changer and now things are about to get real.”
PUF is a member of Canopy Growth Corp’s “CraftGrow” program which partners industry leader Canopy with smaller, high quality operations and Ivany says that he’s currently in discussion with Canopy over plant clones and the game plan going forward for Heidelberg.
As far as his Delta greenhouse goes, Ivany says that although plant propagation will be playing a role in helping pot companies ramp up production during this initial stage of rec cannabis in Canada, he believes that propagation services are more than just a temporary measure.
“We believe propagation will be the future as its a specialized task,” he says. “Many hear of companies having crop failures. Propagators rarely fail. Their business is to de-risk and provide a valuable service to what can be considered the most risky part of cultivation.”
Disclosure: PUF Ventures is a sponsor of Cantech Letter