Business
Pure Harvest Corporate Group Completes Acquisition of SKM Dispensary
Pure Harvest Corporate Group Completes Acquisition of SKM Dispensary.
About this update from Pure Harvest Corporate Group, Inc
[{"type":"text","content":"\n 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 ...