Holding Company Combining Two CBD Companies into a Subsidiary with Plans to Become an Important Actor in the Colorado CBD Market Under the Colorado Pure Harvest Brand
DENVER, CO, Oct. 07, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Pure Harvest Cannabis Group, Inc. (OTC: PHCG), an emerging cannabis and hemp-CBD holding company, is pleased to announce that it has signed a Letter of Intent (LOI) to acquire a 100% interest in EdenFlo, LLC, a large-scale producer of CBD extracts and concentrates.
The stock and cash transaction will create a significant CBD production and distribution company that has been established to pursue a significant presence in the global CBD market under the “Colorado Pure Harvest” and “Colorado CBD Oil” brand names.
EdenFlo will be acquired by Pure Harvest Hemp, Inc., a wholly owned subsidiary of Pure Harvest Cannabis Group, and join the recently acquired Prolific Nutrition to secure and expand Pure Harvest’s position in the Colorado CBD industry. The companies anticipate the EdenFlo transaction will close by mid to late October 2019.
David Burcham, co-founder and CEO of EdenFlo, will join the board of Pure Harvest Hemp and Pure Harvest Cannabis Group. In 2018, Mr. Burcham partnered with his brother Scott, who has 10 years of experience in the Colorado cannabis industry, and respected chemist Rai Moreno to build EdenFlo into an advanced CBD extraction company.
EdenFlo is located in a state-of-the-art laboratory in Aurora, Colorado and has implemented cutting edge manufacturing practices and techniques to create a superior product offering. The laboratory currently has ten employees with additional hiring anticipated upon the closing of the Pure Harvest transaction.
“Joining with Pure Harvest is a perfect fit for all parties. Pure Harvest has a high volume demand for their superb CBD product line and EdenFlo will immediately enter the supply chain and fill all of their needs with high grade CBD,” stated Mr. Burcham, CEO of EdenFlo. “Our laboratory personnel and equipment will allow us to formulate new and exciting products and we’ll be able to take these products directly to the consumer through the rapidly expanding Pure Harvest network.”
EdenFlo intends to supply CBD for all Pure Harvest brands and will work with white label partners to supply retailers with the CBD product they desire. The Company will produce tinctures, lotions, gummies, drinks, gel caps, capsules, CBD pet products, skin creams and other products, all of which will be made to order and delivered to retail partners as needed.
Pure Harvest Hemp plans to market their products online, in Pure Harvest stores and through large retail distribution companies.
“Combining the EdenFlo large scale extraction capabilities with the line of products Prolific Nutrition offers and bringing together the two highly regarded management teams will make Pure Harvest Hemp an important and well-structured player in the rapidly growing CBD market,” added Matt Gregarek, CEO, Pure Harvest Cannabis Group. “We believe Pure Harvest’s Colorado CBD will become synonymous with quality in CBD the industry.”
About EdenFlo
EdenFlo is a large-scale Colorado-based hemp-CBD producer. EdenFlo’s wholesale isolate is made from the highest quality ingredients, utilizing only the best extraction and distillation methods to ensure a final product of extreme purity. Their scientific procedures used for the remediation of THC provide the cleanest broad-spectrum (distillate) oil available in the cannabis extraction industry as a whole.
About PHCG
The Pure Harvest Cannabis Group, Inc. (OTC: PHCG) is a 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. The Company's goals include establishing Pure Harvest as an iconic consumer product brand offering a wide variety of cannabis/CBD products that can be 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 from those set forth in, contemplated by, or underlying the forward-looking statements.
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