Pure Harvest Corporate Reports Strong Revenue Growth
November 27th, 2020
News, Top News
SKM Dispensary and Colorado on Pace to Shatter Year Over Year Sale Figures
Denver, CO, Nov. 25, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Pure Harvest Corporate Group, Inc. (OTCQB: PHCG), an emerging cannabis and hemp-CBD holding company, is pleased to announce a dramatic increase in revenue via its most recent quarterly report.
Highlights are as follows:
· Q3 2020 Revenues increased by 8,066% from Q2 2020 Revenue
· Q3 2020 Revenue: $318,690 / Q2 2020 Revenue: $3,951
· Gross Profit increased from negative ($36,114) in Q2 2020 to $258,138 in Q3 2020
· Revenue Increased by 2,229% from Q3 2019
· Gross Profit increased from $9,516 in Q3 2019 to $258,138 in Q3 2020.
The significant increases are largely attributable to revenue derived from the Company’s recently opened dispensary located in Dumont-Downieville, Colorado. In addition to the retail location, the Company operates a cultivation and processing facility in Dumont, located on the busy I-70 corridor between Denver and Colorado’s world-class ski and tourist destinations.
The Company’s dispensary location has experienced continuous month-after-month growth since it opened nearly 6 months ago, including a 15% increase in sales in the month of October. The dispensary enjoyed a record amount of sales and a record amount of transactions in October, thanks to a rapidly expanding customer base and sales to repeat customers.
October was the dispensary’s top grossing month to date and the Company’s revenue growth is pacing the overall expansion in Colorado’s cannabis sales. Cannabis sales in the Colorado adult market have been steadily increasing and this past summer experienced the highest revenues in a single month of sales. Thanks to this expansion, Colorado is on pace to shatter the previous annual revenue total with projected sales in excess of $2 billion in sales if current sales trends continue.
“I’m elated to see such impressive growth and success in a short amount of time,” stated Matthew Gregarek, CEO, Pure Harvest Corporate Group. “Colorado is an exceptional, well-regulated marketplace. We were always confident that building a state-of-the-art dispensary between Denver and Colorado’s exceptional mountain resorts would be successful. Now our team has executed and our vision of success is becoming reality.”
“Colorado has experienced strong month over month cannabis sales throughout 2020 in spite of the pandemic and its impact on retail and tourism,” stated Neale Gibbons, CEO of Pure Harvest Colorado. “The state has realized an average growth rate of 21.6% annually for the past six years with less than one-third of the state municipalities allowing commercial cannabis activity. Despite these obstacles, we are growing, and I believe Pure Harvest and Colorado have a bright future in this space.”
About Pure Harvest Corporate Group
The Pure Harvest Corporate Group, Inc. (OTCQB: PHCG) is a publicly traded holding company operating in various segments of the cannabis and hemp-CBD industries. The PHCG team is committed to formulating, manufacturing, and distributing high-quality cannabis and hemp-CBD 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 cannabis and hemp-CBD operations and expand globally as the laws regarding cannabis and hemp-CBD are reviewed and rewritten to repeal their prohibition.
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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