Vertically integrated consumer products holding company Pure Harvest Corporate Group, Inc. (OTCQB:PHCG) reported its financial results for the third quarter of fiscal 2021, revealing total sales revenue of $507,865 for the period compared to $318,690 in the third quarter of 2020.
“While we have faced headwinds in the past, I believe we are well-positioned to move forward and grow our businesses across the board, and I feel the opportunities presented will help us deliver additional value for our shareholders.” Matthew Gregarek, Pure Harvest’s CEO said in an open letter to shareholders.
At the end of the third quarter of last year, Pure Harvest recorded $323,731 in total revenue.
In 2021, the company exceeded $2 million in sales and is “on course to record our best ever annual revenues,” Gregarek said.
In addition, the company also posted a positive adjusted EBITDA of $2.02 million for the nine months ending Sept. 30, 2021.
Operational Highlights
Gregarek attributed the company’s revenue growth to the acquisition of Sofa King Medical Wellness Products LLC. in 2020 and the construction of a strategically located retail facility in Dumont, Colorado. In addition, SKM posted over $1.5 million in revenues in 2020. As of Sept. 30 of this year, SKM had generated more than $1,750,000 in total revenues.
“Thanks to the hard work and diligence of our plant-touching operations team, SKM’s business in Dumont is growing rapidly,” Gregarek continued.
Last month, the company incorporated a new subsidiary, Phytocare, Inc., to distribute its CBD and health and wellness products within the healthcare services industry.
“Once we have built out the program with this physician’s network, we plan to roll it out to traditional insurance carriers and expand the product line to cover additional health issues in order to reach more patients,” Gregarek explained.
To support the rollout of Phytocare’s operations, the company consolidated all hemp and CBD product development and manufacturing under its wholly-owned subsidiary, Test Kitchen.
In September, Pure Harvest confirmed the acquisition of Colorado-based Test Kitchen Inc., a company specializing in pharmacognosy research. The company took over Test Kitchen in exchange for 50,000 shares of restricted stock.
More recent news from Pure Harvest:
Cannabis Movers & Shakers: Harborside Shakes Up Leadership Team, Pure Harvest Strengthens Advisory Board
- Pure Harvest Acquires Patents To Help Innovate In Agriculture, Health And Wellness, Renewable Energy
Cannabis Movers & Shakers: Christina Lake, Pure Harvest, Acreage, Organigram
PHCG Price Action
Pure Harvest’s shares traded 18.42% higher at $0.2025 per share at the time of writing Wednesday morning.
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