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Pure Harvest Joins Forces With Michigan-Based Medical Marijuana Processor

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Pure Harvest Joins Forces With Michigan-Based Medical Marijuana Processor

Pure Harvest Cannabis Group, Inc. (OTC: PHCG) said Tuesday it will obtain 51% of the outstanding membership interest in a Michigan-based medical marijuana processor, How Smooth It Is, Inc.

The acquisition is dependent on Pure Harvest obtaining pre-qualification and approval from the Michigan Department of Licensing and Regulatory Affairs, the company said.

How Smooth It Is runs a 5,800-square-foot facility from which it plans to start producing Pure Harvest-branded products such as beverages, gummies and chocolate bars. The facility is fully equipped for extracting, processing and producing a variety of THC- and CBD-infused products.

HSII has applied for four dispensary licenses in Michigan, in Alma, Mount Pleasant, Riverdale, and White Cloud. 

If and when those licenses are obtained, they will become part of Pure Harvest’s scheduled purchase of SKM, a Dumont, Colorado-based cannabis operator, according to Pure Harvest. 

 “We have worked tirelessly to secure this fantastic asset for our portfolio and to expand the Pure Harvest brand to the great State of Michigan,” CEO Matthew Gregarek said in a statement. “We will soon be in play in two vast and well-regulated cannabis states.”

The deal allows for Pure Harvest to "greatly expedite" the distribution of and brand awareness for its cannabis product line, Gregarek said. 

"Pure Harvest will be featured, promoted and monetized throughout Michigan allowing us to advance the brand while enjoying the margins that can come with selling your own products rather than entirely relying on outside sources."

 

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Posted-In: How Smooth It Is Inc. michiganCannabis M&A News Markets

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