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Company Plans for Aggressive Expansion as a Subsidiary of Pure Harvest
Denver, Colorado--(Newsfile Corp. - September 13, 2019) - Pure Harvest Cannabis Group, Inc. (OTC PINK: PHCG), a Denver based cannabis holding company, has acquired Prolific Nutrition, LLC ("Prolific") a Colorado based hemp/CBD company in a stock and cash transaction.
Under the terms of the deal, all of the assets of Prolific were fully acquired by the Company and will operate under Pure Harvest Hemp, Inc. ("PHH"), a wholly-owned subsidiary of the Company.
Prolific Nutrition was formed in 2017 and sells numerous products under multiple brands, including CBD tinctures, CBD gummies, CBD capsules, CBD lotion, and hemp oil lip balm. Prolific also sells pet CBD products such as daily blend hemp supplements for dogs and cats, hemp capsules for pain and anxiety, and hemp oil pet treats. Pure Harvest now owns the intellectual property to all associated brands, products, and formulations, including the rights to the Colorado CBD Oil and Wild Pet Brands names.
Prolific's founder and CEO, Daniel Garza, will serve as the CEO of Pure Harvest Hemp and has been elected as a Director and Chief Marketing Officer of PHCG. Matthew Gregarek, the Chairman and CEO of PHCG, will join the board of PHH.
PHCG has recently relocated its headquarters to Denver and is developing a significant base of operations that includes hemp/CBD. Colorado has emerged as a national leader in the hemp industry and has more acres of hemp cultivation than any other state.
"The THC and CBD industries are blending together and we have been looking for the right company to acquire that can scale quickly and become an important player in the global hemp/CBD industry," stated Matthew Gregarek, CEO of Pure Harvest Cannabis Group.
"Daniel Garza and his team at Prolific Nutrition have an impressive record of creating and marketing high quality CBD products and have a deep understanding of this rapidly growing industry. We are very excited to join the ranks of quality CBD producers based in Colorado," added Gregarek.
PHH has plans for achieving dramatic growth in the following areas:
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Online sales of Pure Harvest CBD consumer and animal products under the Pure Harvest Hemp, Colorado CBD Oil and Wild Pet Blends brands;
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Retail Pure Harvest Hemp/CBD stores; and
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Development of hemp-based clothing, cosmetics, and building materials.
"We have been highly impressed with the management team at Pure Harvest and their industry knowledge and large-scale innovative plans for both THC and CBD are consistent with ours," stated Garza.