Pure Harvest Corporate Group, Inc. announced that it has received $0.5 million in funding
November 21, 2020
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Pure Harvest Corporate Group, Inc. (OTCPK:PHCG) announced a private placement of a promissory note for gross proceeds of $500,000 on November 22, 2020. The transaction included participation from a sophisticated investor. The note bears interest at 8% per year and is due and payable on January 31, 2021. The note is convertible at the option of the investor. The note principal and any accrued interest may be converted into the common shares of the company. The number of common stock which will be issued upon any conversion will be determined by dividing the amount to be converted by the lesser of $0.50 or 75% of the ten day average closing price of the company's common stock immediately prior to the date of conversion. The note has been issued under the exemption provided by Section 4(a)(2) of the Securities Act of 1933. There was no general solicitation in connection with the issuance of the note. No commission was paid to any person in connection with issuance of the note.
Pure Harvest Corporate Group, Inc. manufactures, distributes, and sells a range of cannabis products including hemp/ cannabidiol (CBD) and marijuana/ tetrahydrocannabinol (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. It operates various segments of the cannabis and hemp- CBD industries with a focus on health and wellness products and applying education, research and development, and technology to each sector. It is also involved in the acquisition and operation of licensed marijuana cultivation facilities, manufacturing facilities, and dispensaries.