Pure Harvest Cannabis Group (OTC: PHCG), a publicly traded cannabis holding company, has entered into a binding Letter of Intent (LOI) to acquire SKM, LLC, a vertically integrated cannabis operator located in Dumont, Colorado.
As part of the acquisition, PHCG is planning to build the company’s flagship Pure Harvest Cannabis/CBD Superstore, greenhouse cultivation center and processing laboratory. The retail center is expected be open for business in Q1 2020 with the greenhouse becoming operational in mid 2020.
Located on the I-70 corridor 45 miles west of Denver on the way to Colorado’s most popular ski and mountain recreational destinations, it is perfectly positioned to capitalize on Colorado’s lucrative cannabis tourism market. The development will be environmentally responsible and plans include an extensive solar array and use of wind turbines to create most of the energy used by the project.
Colorado has emerged as one of the most dynamic cannabis and CBD markets in the US with 2019 cannabis sales expected to top $1.6 billion, which is over $320 per capita. Out of state visitors account for an estimated 30% of all cannabis and CBD sales.
The Pure Harvest Dumont project will become an immediately recognizable, high visibility landmark for visitors and residents of Colorado and achieve significant positive publicity for the Pure Harvest brand while pursuing commercial success.
“A large majority of the 87 million U.S. visitors that visit Colorado every year will pass by our planned Dumont project,” stated Matt Gregarek, CEO of Pure Harvest. “We believe it will become a well-known tourist destination and waypoint for the cannabis tourist.”
This project represents an important innovation in cannabis production and retail and will serve as a significant differentiator separating Pure Harvest from other cannabis companies. The project is expected to serve as the prototype for replication in other similar locations both in Colorado and nationwide that have a nexus of cannabis tourists and potential retail positioning.
“Joining with Pure Harvest is an incredible opportunity for SKM and we are very excited to work with the superb team at Pure Harvest Cannabis Group,” stated Mr. Neale Gibbons, the Managing Member of SKM. “They have a unique vision and understanding of all aspects of the cannabis and hemp business based on their many years in the Colorado market.”
“Bringing SKM under the PHCG umbrella and incorporating Neale’s many years of experience in the cannabis industry will make PHCG an important operator in the Colorado marijuana market.” said Mr. Gregarek. “We believe Pure Harvest’s acquisition of SKM will create significant synergies and launch our definitive foray into serving the massive Colorado cannabis tourism market.”
The target market is the steady flow of Coloradoans and out of state tourists that will pass by the site daily. The design will be highly visitor/consumer friendly and allow for the customer to tour the growing and processing facilities and relax in a tranquil mountain setting, a model that has been proven to be productive for wineries, microbreweries, and other ‘vice’ experiences.
The development will be the first of its kind in the cannabis industry and is being planned to include:
- Cannabis/CBD Superstore and retail dispensary
- 20,000 SF Greenhouse cultivation center
- 2,500 SF Distillate laboratory and extraction center
- History of Cannabis, tours of the grow and processing areas
About SKM LLC
SKM LLC is a vertically integrated cannabis operator located in Dumont, Colorado along the busy I-70 corridor between Denver and Colorado’s world-class ski destinations. The Managing Partner of SKM is Neale Gibbons, one of the most respected cannabis licensees in Colorado.
The Pure Harvest Cannabis Group, Inc. (OTC: PHCG) is an innovative publicly traded holding company involved in all cycles of cannabis and CBD development. The team is committed to providing the highest quality products, ethical growing standards, environmental awareness, and corporate integrity. Pure Harvest intends to develop into a large scale vertically integrated multi-state operator (MSO), producer, and distributor in well established and growing markets.
Pure Harvest is focused on developing precision dosed cannabinoid health and wellness consumer products and establishing Pure Harvest as an iconic consumer product brand offering a wide variety of cannabis/CBD products sold in multiple international markets that have legalized cannabis and hemp-derived products.
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.
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Source: NewMediaWire (November 18, 2019 – 1:33 PM EST)
News by QuoteMedia
Published at Mon, 18 Nov 2019 19:34:01 +0000