GREENWOOD VILLAGE, CO, April 12, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Pure Harvest Corporate Group, Inc. (OTCQB: PHCG), a vertically integrated consumer products holding company focused on cutting edge plant-based nutraceuticals, recreational cannabis, hemp-derived health and wellness products, and other emerging industries, is excited to announce the entering into a letter of intent with Peak Holdings, LLC, Cannabis Venture Capital, Inc., and Peak North, LLC, a Colorado-based cannabis business with operations in Arizona and New York ("Peak").
On March 24, 2022, Pure Harvest Corporate Group entered into a non-binding LOI with Peak, to acquire a fifty-one percent interest in Peak's assets and expand Pure Harvest's footprint both in and outside the State of Colorado. The Peak transaction will add two retail outlets to Pure Harvest's Colorado marijuana operations. One of these dispensaries is located on Broadway Ave., Denver's famous Green Mile, and will provide Pure Harvest with access to the largest retail market in the state. Peak's other dispensary is located in Sedgwick Colorado, on the border with Nebraska, and caters to the eastern Colorado market.
"We are very excited to join with Pure Harvest to build a national cannabis company based right here in Colorado," said Justin Henderson, CEO of Peak Holdings, LLC. "We have been looking to enter the public markets for some time and I believe that partnering with Pure Harvest will allow us to implement our combined vision of building a highly successful multi-state operator. We have big plans for expansion in the coming years and I think this acquisition will allow us to realize our goals much faster than we originally planned."
In addition to their Colorado operations, Peak has an interest in an Arizona products manufacturer and an agreement with a New York licensee to make and sell cannabis products in New York State which is pending regulatory approval. These operations will give Pure Harvest access to two rapidly growing markets that are just starting their adult-use cannabis programs. Peak and Pure Harvest plan to expand further from Colorado, Arizona, and New York in the next several years to establish a larger national footprint for its operations.
"With this acquisition, Pure Harvest is ready to increase the size of its Colorado operations and begin laying the foundation for a national expansion," said Matthew Gregarek, CEO of Pure Harvest Group, Inc. "This transaction will allow us to tap into two exciting retail markets in Colorado and gain access to two out-of-state markets with extraordinary growth potential. Adding Peak to the Pure Harvest family of companies will noticeably change our cannabis business operations in 2022."
About Pure Harvest Corporate Group
Pure Harvest Corporate Group, Inc. (OTCQB: PHCG) is a vertically integrated holding company that manufactures, distributes, and sells a wide range of cannabis products including hemp/CBD and marijuana/THC consumer products. The Company's THC product line at its Dumont dispensary includes bulk flower, pre-rolls, and THC concentrates. The Company also sells THC distillate as an ingredient or raw material to other licensed marijuana infused products manufacturers within the State of Colorado along with wholesale THC concentrates such as wax and shatter. The Company's CBD product line includes tinctures, energy drink mixes and shots, lip balms, CBD topicals, and a variety of CBD chews for daytime and nighttime applications. Additionally, the Company markets and distributes a line of proprietary consumer products incorporating its patent-pending ingredient known as Cannabinoid Complex 612 to wholesale and retail customers.
Forward-Looking Statements
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.
Company Contact:
Pure Harvest Corporate Group, Inc.
Sherry Andersen, Corporate Communications
800.924.3716