DENVER, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Denver-based Colorado Harvest Company (CHC) terminated the term sheet with Florida-based Stem Holdings. The term sheet, dated September 29, 2021, was for the purchase of all Colorado Harvest Company's retail, production, and delivery licenses located in both Denver and Aurora, Colorado. Stem approached Colorado Harvest Company after CHC obtained the first recreational delivery license in the state of Colorado earlier this year. The two parties agreed to work towards a closing in December of 2021. Delays by Stem Holdings pushed that closing date well into 2022. The offer to extend the contract was ultimately rejected and the term sheet voided.
Colorado Harvest Company was established in 2009. It is one of Denver's oldest and most well-respected cannabis retail establishments. Early moves into the recreational market put CHC on the map in Denver after the company was awarded two of the first 12 recreational licenses in the state. In 2021, CHC made the news again when Colorado Governor Jared Polis presented CEO Tim Cullen with the state's first recreational delivery license. Since then, CHC has launched delivery in Denver with its social equity sister company Go Harvest.
CEO Tim Cullen says, “We were disappointed to have to walk away from Stem, but when one door closes another opens.” Cullen explains that CHC and Go Harvest are poised to enter 2022 with a fleet of delivery vehicles and a desire to capitalize on its first-to-market position in delivery across the Denver Metro area. Colorado Harvest Company has also been developing its own line of exclusive “Exotic” strains. These strains represent new, exciting, and completely original crosses of some of today's most sought-after lineages. These “Exotic” strains are available both in store and by delivery placed through the website at www.coloradoharvestcompany.com.
Those involved in the cannabis markets have been closely watching federal developments related to legalization. Cullen said he expects to see federal legalization in 2022. “This situation where residents in Denver are enjoying legal marijuana while citizens across the border are being prosecuted for consuming it and forced to shop on the black market is absolutely unacceptable in a free society,” he says. The other changes Cullen discusses relate to banking and taxes at the federal level. “It's time for a change (speaking about access to regulated and taxed marijuana) and the people of this country are ready for it.”
