Completed Deal Provides Pure Harvest with Six Colorado Cannabis Licenses
DENVER, CO, Aug. 24, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Pure Harvest Corporate Group, Inc. (OTC: PHCG), an emerging cannabis and hemp-CBD holding company, is pleased to announce it has completed its acquisition of Sofa King Medical Wellness Products, LLC (“SKM) in an all-stock transaction. The acquisition was approved on August 11, 2020 by the Colorado Marijuana Enforcement Division, allowing for the change of ownership of SKM’s six licenses to Pure Harvest. The transaction is one of the earliest permitted under Colorado’s recently passed HB19-1090 bill which allows public companies to invest in and operate cannabis businesses in the State.
SKM is a vertically integrated cannabis company operating a dispensary, cultivation, and processing facility in Dumont-Downieville, CO, located on the busy I-70 corridor between Denver and Colorado’s world-class ski and tourist destinations. The six SKM licenses acquired by Pure Harvest include Recreational and Medical Marijuana Cultivation Facility, Recreational and Medical Infused Product Manufacturer, and a Recreational and Medical Retail Marijuana Store. SKM entered the Colorado cannabis industry in 2014 and is an established and well-respected brand within the State. Just two months after opening at its new location in June of 2020, the dispensary is already reporting monthly sales in the six figures with limited marketing to date. The new dispensary is also one of the only solar powered dispensaries in the world.
“We are very pleased to add SKM to our expanding portfolio of growth companies,” stated Matthew Gregarek, CEO, Pure Harvest Corporate Group. “We believe that SKM is in a tremendous location and that it will provide an exceptional distribution point for our house brands and consumer products. Our early revenue numbers are more than encouraging and we are eager to expand its successes.”
“The team at SKM has impressed us since day one and we could not be more excited to add this dedicated and award winning team to our roster. We believe that SKM’s proven management and staff have the expertise to help us achieve our vision for the future of Pure Harvest,” said Gregarek.
“We at the SKM family are pleased that the months of planning have come to fruition,” said Neale Gibbons, primary founder of SKM. “This is a milestone for both entities and it provides a solid foundation from which we will look to scale both nationally and internationally. My twenty plus years as a cannabis and hemp operator on several continents have given us a well-defined playbook which we will look to execute at once.
“The products and formulations that we have already co-produced have demonstrated great creativity and an exemplary attention to detail. Moving forward, we look forward to expanding our existing, premium product lines while developing new, unique products to bring to market. Pure Harvest is already a multi-state operator (MSO) looking to expand its reach, so naturally, we at SKM see the benefit of this synergistic relationship. I personally have been enamored with Pure Harvest’s vision for growth, environmental stewardship, and sustainability,” added Gibbons.
Mr. Gibbons will be taking a lead role in the company’s future as the CEO of Pure Harvest Colorado, in addition to utilizing his wide skill set to aid the Pure Harvest Corporate Group’s larger ambitions.
About Pure Harvest Corporate Group
The Pure Harvest Corporate Group, Inc. (OTCQB: PHCG) is a publicly traded holding company operating in various segments of the cannabis and hemp-CBD industries. The PHCG team is committed to formulating, manufacturing, and distributing high-quality cannabis and hemp-CBD consumer products in markets where it is legal to do so. The Company has developed numerous retail brands and product lines that are currently available for purchase in select markets. Pure Harvest intends to grow its cannabis and hemp-CBD operations and expand globally as the laws regarding cannabis and hemp-CBD are reviewed and rewritten to repeal their prohibition.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, are subject to Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbors created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Future events and results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.