Colorado Springs, CO, Feb. 21, 2019 (GLOBE NEWSWIRE) -- Covalent Collective, Inc., a burgeoning network of vertically integrated cannabis-centric enterprises, announces today the completion of its first acquisition, internally referred to as the “Colorado 16”, which includes ownership of the real estate that leases multiple medical marijuana cultivations, production and five Colorado medical cannabis dispensaries. The operators of Colorado 16 are among the most experienced in the cannabis industry and bring to bear more than ten years of experience in the production, extraction and distribution of cannabis products. Terms of the transaction were not disclosed.
“The acquisition of Colorado 16 will form the foundation of Covalent’s vertically integrated operating platform. Our long-term strategy is to enhance and strengthen our platform and significantly expand it throughout the US, which includes plans to develop over one-million square feet of cultivation capacity. We look forward to continuing to share our progress on our various business initiatives with investors in the months ahead,” commented Mr. Bill Gregorak, CEO of Covalent Collective.
Colorado 16’s proprietary cultivation processes have resulted in consistently high-quality production and amongst the industry’s lowest cost of production. A next generation production facility is currently scheduled to be completed in 2019 and is expected to measurably improve yield and quality consistency. Hydroponics Depot, the largest supplier of canna agricultural supplies in Arizona, which is included in the Colorado 16 acquisition, will further help reduce the overall cost of production while capitalizing on the growth of both commercial and home cultivation operations in the AZ market.
About Covalent Collective:
Covalent Collective, Inc. is a British Columbia, Canada company founded in 2014 and headquartered in Colorado Springs, CO. The Company is building a diverse network of vertically integrated cannabis-centric enterprises that span the entirety of the legal cannabis and hemp industries. With a vision to build the largest grow capacity in the U.S., Covalent Collective’s mission is to create stronger bonds throughout the greater cannabis community through the execution of a strategic acquisition and joint venture strategy that is strategically positioned to support eventual federal legalization in the United States. For more information, please visit https://covalentcannabis.com.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and “forward- looking information” within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements in this press release may be identified by the use of words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, including statements with respect to the Company’s rebranding and acquisition strategies. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment and future approvals and permits. Actual results, performance or achievements could differ materially from those expressed in, or implied by, any forward-looking statements in this press release, and readers should not place undue reliance on any such forward-looking statements since they are not guarantees of future results. The Company does not undertake and specifically declines any obligation to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
Media Contacts:Nick Opich / Cynthia Salarizadeh
KCSA Strategic Communications
212-896-1206 / (856) 425-6160
nopich@kcsa.com / cynthia@kcsa.com
Investor Contact:David Hanover
KCSA Strategic Communications
212-896-1220
dhanover@kcsa.com
Richard Kaiser
Covalent Collective, Inc.
rkaiser@covalentcannabis.co
757-306-6090
Covalent Collective Inc. Acquires “Colorado 16” Providing A Strong Foundation for Future Growth
Acquisition of Real Estate, Facilities and Infrastructure for Two Active Grows and Five Colorado Medical Cannabis Dispensaries
| Source: Covalent Collective