Pure Harvest Sings Letter Of Intent To Acquire Peak Holdings

Benzinga Real-time News ·  Apr 12, 2022 23:30

Pure Harvest Corporate Group, Inc. (OTCQB:PHCG) entered 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 .

On March 24, 2022, Pure Harvest Corporate Group entered into a non-binding LOI with Peak, to acquire a 51% 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," stated 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. 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," stated 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."

Photo by CRYSTALWEED cannabis on Unsplash

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