new Jersey

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New Jersey represents a strategic next step in Pura's strategy to provide high-quality cannabis products to the East Coast. To that end, Pura is pursuing a number of cultivation, processing, and retail opportunities around the state.

At present, those efforts focus on standing up an indoor grow and processing/manufacturing facility alongside a partner that has a Tier 4 cultivation and Tier 2 processing license in place. Independently, Pura was approved for a Tier 5 conditional cultivation license and a Tier 2 conditional processing license.

We are in discussion to locate the conditional cultivation license in a township amenable to an outdoor grow. The anticipated launch for this project is Q3 of 2024.

Processor & Indoor Cultivation

Pura is partnering with a property owner that has cultivation and processing licenses, to develop an indoor grow and processing facility.

The project will be located in an existing 160,000 SF building with 9,000 amps 3-phase 480V power already present. The site is ideal for indoor cultivation and manufacturing. Pura and the partner will take a phased approach to the project, starting with a 5,000-10,000 SF cultivation footprint, and gradually expanding to ~40,000 SF over 18-24 months.

The site has Tier 2 manufacturing and Tier 4 cultivation licenses attached that are in the advanced stages of being converted to annual licenses. This will allow for accelerated entry into the market, most likely by Q2 2024.

PRocessing & Manufacturing

Pura Will Produce

Pura, alongside partners, will develop in New Jersey a full suite of extraction and manufacturing capabilities necessary to service our extensive portfolio of brands.

Distillate

Bubble Hash

Rosin/Live Rosin

Live Resin

Liquid Diamonds

Shatter

Sauce

Butter

Batter

Diamonds

Crumble

Retail

Pura Will Manufacture

Vapes

Flower

Infused Flower

Pre-rolls Infused

Pre-rolls Traditional

Blunts Infused

Blunts Traditional

Gummies and Edibles

Tinctures

Topicals

Concentrates

New Jersey represents one of the most attractive adult-use retail markets in the entire country. With the adult-use market launch in April 2022 through the end of the year, the market generated $329 million in recreational sales from only ~20 dispensaries.

Pura will opportunistically invest in retail to allow for full verticalization as allowed via the regulations. In addition to bringing Pura branded products directly into retail stores, Pura will bring its brand portfolio from New York.

With proceeds from this capital raise and assumed regulatory action, Pura’s strategy will be to own interests in multiple retail operations, along with establishing key supply agreements with other operators for strong shelf-space positioning in the market.

Given current conversations, we expect Pura to have ownership in at least one retail store with revenue-producing activity before the end of 2023.