Pure Harvest Reports Strong Revenue Growth in First Quarter 10-Q Filing

Rhea-AI Summary

Pure Harvest Corporate Group (OTCQB: PHCG) reports a remarkable 92.65% increase in Q1 2021 revenue to $794,148, compared to $412,228 in Q4 2020. This revenue surge surpasses the 2020 total revenue of $735,690 and is a significant leap from Q1 2020's $1,091. The growth is attributed to sales from its Colorado marijuana operations and the revenue generation by its subsidiary, Test Kitchen, through a new white label program. CEO Matthew Gregarek emphasized the company's potential for diversified revenue generation.

Positive

• Q1 2021 revenue increased by 92.65% to $794,148 from $412,228 in Q4 2020.
• Revenue for Q1 2021 exceeded the entire 2020 revenue of $735,690.
• Test Kitchen subsidiary generated revenue through a new white label program.

Negative

• Q1 2021 revenue of $794,148 is significantly lower than Q1 2020's revenue of $1,091.

GREENWOOD VILLAGE, CO , May 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Pure Harvest Corporate Group, Inc. (OTCQB: PHCG), a publicly traded holding company focused on NextGen plant derived nutraceuticals and emerging industries, is pleased to announce continued increase in revenue via its most recent quarterly report. Highlights are as follows:

• Q1 2021 Revenues increased by 92.65% from Q4 2020 Revenue;
• Q1 2021 Revenue: $794,148 / Q4 2020 Revenue: $412,228;
• Q1 2021 Revenue: $794,148 /  2020 Year End Revenue: $735,690;
• Q1 2021 Revenue: $794,148 / Q1 2020 Revenue: $1,091

The significant increases are largely attributable to continued growth in sales at the Company’s Colorado marijuana operations located in Dumont, CO.  Additionally, the Company’s Test Kitchen subsidiary began generating revenue with the launch of their white label program and beta product release. To date, Test Kitchen has received several large wholesale purchase orders which exceeded sales milestones required to unlock additional equity funding under the terms of its quarter one preferred stock offering.  

“I’m extremely excited, but not surprised, to see our growth in multiple subsidiaries during the first quarter of 2021,” stated Matthew Gregarek, CEO, Pure Harvest Corporate Group. “We are building a robust organization capable of generating revenues in different business verticals and this quarter’s financials are beginning to show what this company is capable of.”

“To have a quarter like this one on top of a strong Q4 is truly rewarding and underscores the hard work of many team members,” continued Gregarek. “Not only did we dramatically outperform our fourth-quarter revenue figures, but our sales in Q1 2021 were greater than our sales during all of 2020. We are thrilled to see numbers like this and will continue to work diligently to build this business throughout the rest of 2021 and beyond."

About Pure Harvest Corporate Group

Pure Harvest Corporate Group, Inc. (OTCQB: PHCG) is a publicly traded vertically integrated consumer product innovation business focused on NextGen plant derived nutraceuticals and emerging industries. The PHCG team is committed to formulating, manufacturing, and distributing high-quality cannabis and hemp derived cannabinoid consumer products in markets where it is legal to do so. The Company has developed numerous retail brands and product lines that are currently available for purchase in select markets. Pure Harvest intends to grow its marijuana, hemp derived cannabinoids, and research and development operations and expand globally as the laws regarding cannabis are reviewed and rewritten to repeal their prohibition.

Additionally, the Company may from time to time disclose material events via its website at http://www.PureHarvestGroup.com. 

About Test Kitchen

Test Kitchen, a subsidiary of Pure Harvest, is a laboratory for human potential - an experiment and experience for creating and sustaining the highest expression of life. Test Kitchen’s mission is to curate empirical physiology and cultivate predictable pharmacognosy to optimize mind-body-performance. To put it simply, Test Kitchen’s goal is to use its proprietary plant-based lifestyle formulas to help a person gain an unfair advantage over the person's former self.

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.

Company Contact:
Pure Harvest Corporate Group, Inc.
Sherry Andersen, Corporate Communications
sherry@pureharvestgroup.com
Phone: 800-924-3716

FAQ

What is Pure Harvest Corporate Group's Q1 2021 revenue?

Pure Harvest Corporate Group reported Q1 2021 revenue of $794,148.

How does Q1 2021 revenue compare to Q4 2020?

Q1 2021 revenue increased by 92.65% compared to Q4 2020, which was $412,228.

What factors contributed to the revenue growth in Q1 2021?

Revenue growth is attributed to sales from Colorado marijuana operations and revenue from the Test Kitchen subsidiary.

How did Q1 2021 revenue compare to the previous year's Q1?

Q1 2021 revenue of $794,148 was significantly higher than Q1 2020, which was only $1,091.

What is the outlook for Pure Harvest Corporate Group following this report?

The company aims to continue diversifying revenue streams and expanding operations.