Pure Harvest Upgrades Rapidly Growing SKM Dispensary in Dumont, CO

Rhea-AI Summary

Pure Harvest Corporate Group, Inc. (PHCG) announces significant enhancements to its Sofa King Medical Wellness Products (SKM) facility in Dumont, Colorado. This second phase of development follows a successful initial phase that converted a ski rental shop into a solar-powered dispensary. SKM has achieved nearly 20% month-over-month revenue growth recently. Improvements include parking area repaving and increased signage to attract more customers. The company plans further developments to boost traffic and revenue, leveraging Colorado's record cannabis sales exceeding $2 billion in 2020.

Positive

• SKM's revenue increased nearly 20% month-over-month.
• Improvements made to the dispensary enhance curb appeal and visibility.
• Colorado cannabis market reported record sales exceeding $2 billion in 2020.

Negative

• None.

SKM’s Month-Over-Month Sales Contributing to Colorado's Record Cannabis Sales

DENVER, CO, Feb. 23, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Pure Harvest Corporate Group, Inc. (OTCQB: PHCG), a publicly traded holding company focused on emerging and high-growth industries, is pleased to announce that it is making substantial improvements to its wholly owned Sofa King Medical Wellness Products, LLC (“SKM”) facility located in Dumont, Colorado in anticipation of expanding its licensed marijuana business in the State of Colorado.

These improvements are part of the second phase of development for the popular property located immediately off the heavily trafficked I-70 at exit 234 between Denver and Colorado’s world class ski resorts. The initial development phase consisted of converting a previous ski and snowboard rental shop into a world-class, solar-powered retail facility. In May 2020, the all new SKM Dispensary opened to the public and since has recorded month-over-month growth in retail sales. Specifically, SKM experienced back-to-back months with a nearly 20% increase in revenue over the last two calendar months.  This expansion reflects the continued growth in the Colorado market as a whole, which reported a record year in 2020 with over $2B in retail sales.

The second phase of development includes repaving the dispensary’s parking area, installing additional signage, demolishing an abandoned building located on the premises, and other beautification measures designed to increase curb appeal and customer traffic to the dispensary. To date, the paving of the parking area has been completed along with the demolition of the abandoned structure which greatly increased overall visibility of the dispensary. All permitting required to install the additional signage has been acquired from the local government and installation is expected to commence prior to the end of Q1 2021.  

Pure Harvest has not yet finalized plans for the third phase of development, but the Company is committed to fully developing the property to increase traffic at the dispensary and generate additional revenues outside the dispensary facility. “Developing this property has always been part of the long-term plan for Pure Harvest and it is exciting and encouraging to witness the progress we have made,” said Matthew Gregarek, CEO, Pure Harvest Corporate Group. “I believe we are just getting started in Dumont, Colorado.”

“I am very pleased to see this property begin to evolve and believe the continuing development will be beneficial to our dispensary operations,” stated Neale Gibbons, CEO of Pure Harvest’s Colorado cannabis operations. “As we work towards maximizing dispensary revenues, I am optimistic the noticeable progress will help us achieve our goals at this location and provide a significant revenue line to Pure Harvest.”

About Pure Harvest Corporate Group

Pure Harvest Corporate Group, Inc. (OTCQB: PHCG) is a publicly traded holding company focused on emerging and high-growth 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 public material events via its website at http://www.PureHarvestGroup.com or its social media accounts at the following locations:

https://www.facebook.com/pureharvestgroup

https://www.linkedin.com/company/49645278/admin/

https://twitter.com/PureHarvestCG 

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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Company Contact:
Pure Harvest Corporate Group, Inc.
Sherry Andersen, Corporate Communications
sherry@pureharvestgroup.com
www.pureharvestgroup.com

FAQ

What recent improvements has Pure Harvest Corporate Group (PHCG) made to its facility?

Pure Harvest has completed significant enhancements to its Sofa King Medical Wellness Products facility, including repaving the parking area and increasing signage.

How much revenue growth has SKM experienced recently?

SKM has recorded nearly 20% month-over-month revenue growth over the last two months.

What is the significance of Colorado's cannabis sales for Pure Harvest (PHCG)?

Colorado's cannabis sales exceeded $2 billion in 2020, highlighting a growing market that Pure Harvest aims to capitalize on.

What future development plans does Pure Harvest (PHCG) have for its Dumont facility?

While plans for the third phase of development are not finalized, the company is committed to fully developing the property to increase customer traffic and revenue.