GREENWOOD VILLAGE, CO, Nov. 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Pure Harvest Corporate Group, Inc. (OTCQB: PHCG), a vertically integrated consumer products holding company, is excited to announce the engagement of GF Consulting, LLC and the entering into a letter of intent with Green Farms, LLC, a vertically integrated medical cannabis operator located in Colorado Springs, CO.
"Just one year after entering the cannabis industry, Pure Harvest is ready to expand its footprint in Colorado and apply everything we've learned towards growing our presence in one of the oldest legal cannabis markets in the country," said Matthew Gregarek, CEO of PHCG. "We believe this strategic partnership with Green Farms and GF Consulting will allow us to identify suitable acquisition targets and rapidly increase the scope of our operations in Colorado. We are very excited to work with the GF Consulting team to build our portfolio of Colorado cannabis operations."
PHCG has entered into an agreement with GF Consulting, LLC to assist with identifying acquisition targets for a roll up of Colorado cannabis businesses under PHCG's wholly owned subsidiary, Pure Harvest Colorado, LLC. Management's goal is to combine multiple Colorado cannabis businesses under a single, publicly traded entity to increase sales, profits, and shareholder value. GF Consulting, with its wide range of Colorado cannabis industry contacts, is perfectly suited to help PHCG identify acquisition targets for the planned Colorado roll up.
"We are very happy to start working with Pure Harvest to develop and implement their roll up strategy here in Colorado," said John Long, managing member of GF Consulting, LLC. "We've been looking at a similar play in this market for several years and I believe Pure Harvest is the perfect partner to build with."
GF Consulting is a cultivation-centric services group led by cannabis industry veteran John W. Long, Jr. who is supported by a team of experienced cannabis industry professionals with a wide range of expertise. The GF Consulting team brings a large rolodex of industry contacts to the table along with more than 20 years of experience in designing, building, and managing cultivation operations.
In conjunction with the GF Consulting agreement, Pure Harvest has entered into a non-binding LOI with Green Farms, LLC, a vertically integrated medical marijuana operator owned by Mr. Long, to acquire Green Farms, LLC and expand Pure Harvest's footprint in the State of Colorado. The proposed acquisition of Green Farms, LLC will provide Pure Harvest with greater exposure to Colorado's medical cannabis market and allow the company to establish a beachhead in Colorado Springs. Management believes that this acquisition will dramatically increase in value should Colorado Springs decide to implement a retail cannabis program in the future.
UPDATE to Pure Harvest's previous press release initially published on Tuesday, November 16, 2021.
Pure Harvest wishes to update its previous press release regarding its third quarter financial statements by including the following definition of Adjusted EBITDA, as detailed in our Form 10-Q for the period ending September 30, 2021:
Adjusted EBITDA, for the purposes of the press release, means:
The Company's loss before interest, taxes, depreciation, and amortization adjusted to exclude the impact of (a) loss on impairment of tangible or intangible assets; (b) gain or loss on disposal of assets, including notes receivables; (c) gain or loss from the early extinguishment, redemption or repurchase of debt, (d) stock-based compensation expense and (e) the loss from derivative liabilities. Adjusted EBITDA excludes any expenses incurred by the Company in connection with the Company's evaluation, pursuit, or consummation of one or more acquisitions or transactions (which such expenses are considered to be incurred in connection with extraordinary, unusual, or infrequently occurring events reported in the Company's public filings).
The original press release can be found here:
About Pure Harvest Corporate Group
Pure Harvest Corporate Group, Inc. (OTC: 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 including 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.
Additionally, the Company may from time to time disclose public material events via its website at:
http://www.PureHarvestGroup.com Or its social media accounts at the following locations:
About GF Consulting LLC
GF Consulting is a cannabis industry services group based in Colorado Springs, CO. GF Consulting is staffed by industry veterans and provides a range of services to fit client needs including: applications, SOPs, training, managing, genetics, feeding programs, website development & marketing, wholesale management, purchasing locations, selling locations, and partnering/investing. Learn more about GF Consulting, LLC and its affiliates at https://www.gfconsultingllc.com/ and http://www.adamdunnshow.com/.
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 statement.
Pure Harvest Corporate Group, Inc.
Sherry Andersen, Corporate Communications