Correction and Update: Pure Harvest Group Provides Corporate and Operational Update
09/10/2021 | 09:31pm BST
GREENWOOD VILLAGE, CO, Sept. 10, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Pure Harvest Corporate Group, Inc. (OTCQB: PHCG).
Our earlier press release inadvertently contained information that was not accurate, and we are hereby correcting and updating that prior information.
The total revenues for Pure Harvest Colorado of $2.2mm was generated from retail and wholesale operations. In addition, the Company will be providing plant-based products to the Doc.U.Care facilities and communities, not an insurance network as referenced in the prior press releases.
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 pleased to provide a corporate update along with operating and financial results for the 2nd fiscal quarter of 2021.
Key Financial Highlights
Q2 2021 Revenue showed dramatic growth compared to Q2 2020 increasing from $3,951 to $762,778
Q2 2021 Gross Profit also increased compared to Q2 2020 from -$36,114 to $150,660
Q2 2021 Year to Date Revenue is $1,556,926, compared to Q2 2020 Year to Date Revenue of $5,041.
Operating Highlights and Events:
Pure Harvest Colorado recently celebrated one full year of licensed marijuana operations at its Dumont, Colorado facilities. This solar-powered retail dispensary and wholesale operations generated $2.2m in total revenues and conducted 17,327 transactions for their first full year of operations.
Alexis Johnson joined the Pure Harvest advisory board to help expand and build relationships with local governments, charities, and social organizations. The Company, with the assistance of Ms. Johnson, has begun development of its corporate and social responsibility program with the goal of implementing a social equity focused mission for Pure Harvest’s operations.
Pure Harvest entered into an agreement with Doc.U.Care Inc., a global health care development company that consists of health care, business and land development specialists, medical professionals, organizations, and ancillary health care workers who provide medical care to those in need. The Company is creating a plant-based, pharmaceutical brand with a line of science-based products for their facilities and communities.
Hemparita, a product made with Pure Harvest’s proprietary ingredient Cannabinoid Complex 612, won the Denver Westword’s 2021 Reader’s Choice Award for best new CBD product. This innovative product line is the first national product to incorporate Complex 612, and this award represents overwhelming enthusiasm from the general public. Hemparita products are available online at www.ihemparita.com as well as select Colorado dispensaries.
Pure Harvest launched Zosi, the second brand to incorporate Cannabinoid Complex 612. This premium product line is designed to complement an individual’s natural rhythms and generate a sense of health and wellbeing. The Zosi product line was physician formulated and incorporates high-quality ingredients like ashwagandha, reishi and cordyceps mushrooms, turmeric, and rhodiola root powder. Pure Harvest will continue to build out the wholesale and distribution channels for Zosi while furthering development of the direct-to-consumer model. These products are available to purchase at www.myzosi.com.
Pure Harvest entered a share purchase agreement with Kingpins International, Inc. Kingpins’ goal is to leverage sports, entertainment, and real estate development as a tool for social and economic inclusion, development, and sustainability to the cannabis industry. The equity investment is for a total of $30,000,000, with $15mm funded in Q3 2021 and the remaining $15mm funded by the end of Q4 2021.
“Bringing the Company’s hemp and marijuana assets together under the Pure Harvest umbrella was just the first step in the corporate consolidation process,” said Peyton Bowman, COO of Pure Harvest. “With these pieces in place, we have a solid base from which to grow. Now we can begin to build upon this foundation and start to expand these operations and grow our respective revenue streams.”
“As demonstrated by the 2nd quarter results, we continued to see strong performance from our Colorado cannabis operations and encouraging progress from our Complex 612 line of products,” said Matthew Gregarek, CEO of Pure Harvest Corporate Group, Inc. “We have continued to build on our 2020 successes and, as we approach the end of this year, I firmly believe 2021 will be an extraordinary year for Pure Harvest as we incorporate our partnerships, contracts, and products while continuing to build through the acquisition of talented individuals and profitable companies.”
About Pure Harvest Corporate Group
Pure Harvest Corporate Group, Inc. (OTCQB: PHCG) is a holding company focused on emerging and high-growth industries. The PHCG team is committed to formulating, manufacturing, and distributing high-quality cannabis and hemp derived cannabinoid consumer products in markets where it is legal to do so. The Company has developed numerous retail brands and product lines that are currently available for purchase in select markets. Pure Harvest intends to grow its marijuana, hemp-derived cannabinoids, and research and development operations and expand globally as the laws regarding cannabis are reviewed and rewritten to repeal their prohibition.
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.