Pure Harvest Signs LOI to Establish Large Scale Colombian Cannabis/CBD Processing and Year-Round Cultivation Joint Venture

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DENVER, CO, Feb. 11, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – , a ten-year-old publicly traded specialty alcohol beverage distribution company based in Denver, Colorado, is pleased to announce that its Pure Harvest Cannabis Producers, Inc. subsidiary has executed a Letter of Intent for a large scale cannabis/CBD processing and production  joint venture in Colombia on a choice 200 hectare (494 acre) site, giving the Company a world class footprint for processing and production for export of cannabis derivatives into major legal markets worldwide. 

The project will be directed by a newly formed wholly owned subsidiary, Pure Harvest Colombia Partners Ltd, a Canadian corporation.

Several of the largest cannabis companies in the world, including Canopy Growth, Aphria Inc., Khiron Life Sciences Corp, and more recently, Pharmacielo Ltd, have announced plans for Colombia based operations and more are expected in coming years.  Experts predict that Colombia may eventually supply 20% of world demand for cannabis oil products, including cannabidiol (CBD).

“We are very excited to be working closely on a project of this magnitude and with the right partners in Colombia. It is an extraordinary opportunity for the Pure Harvest Cannabis Group to participate in the growth of Colombia by way of the production and export of specialty cannabis oils, extracts and terpenes for the Americas and the European Union, and to establish the low cost medical grade supply chain of cannabinoids that our business requires,” stated David Lamadrid, CEO of both Pure Harvest Cannabis Group and The Pocket Shot Company. “We are grateful that our partners have the deep roots in Colombia to masterfully support this Joint Venture.”

Under the terms of the letter of intent, the joint venture will own the 200 hectare (494 acre) site, with ample access to power and water, and will have access to genetics registrations for high CBD hemp and cannabis plants, as well as the required licenses from seed to processed exports.  Pure Harvest Colombia Partners Ltd has agreed to provide expertise along with initial and phased funding for a state-of-the-art cGMP cannabis processing capability and the first phase of production capability at the facility.  The terms of the joint venture provide for expansion of the production site up to 1,800 hectare (4,400 acre) of dedicated production. Canada based Pure Harvest Colombian Partners Ltd will own 50% of the joint venture and will also participate as co-owner of the Colombia venture from the first funding, and is set to increase its ownership position as it successfully contributes to additional funding tranches for site development. 

In accordance with Colombian laws and the emerging export opportunity of bilateral and regional trade agreements within the Americas and with the European Union, the export products of the joint venture are specialty medical grade cannabinoids and terpenes.           

The Pure Harvest Cannabis Partners Ltd site in Colombia enjoys nearly ideal conditions for growing cannabis at scale.  The site features a year round 12 hour light and a 12 hour dark cycle because of its proximity to the equator, availability of a stable low cost agricultural labor force, clean water, ample electrical grid capacity, and a growing team with decades of experience with genetics for cultivation indoor and greenhouse for Hemp CBD and marijuana. 

The Letter of Intent is non-binding and subject to due diligence, and the preparation and signature of the definitive agreement for the Joint Venture.    

The Pure Harvest Cannabis Group is a new science-based medical cannabis company with a commitment to the highest quality products, ethical growing standards, environmental awareness, and corporate integrity.  Pure Harvest intends to develop into a large scale vertically integrated producer and distributor in large, established, and growing markets.

Pure Harvest is focused on developing precision dosed cannabinoid health and wellness consumer products.  The Company’s goals include establishing Pure Harvest Cannabis as an iconic consumer product brand offering a wide variety of cannabis/CBD products that can be sold in multiple international markets that have legalized cannabis and hemp-derived products.

Pure Harvest has recently merged with The Pocket Shot Company and plans to transition into a vertically integrated multi-state operator (MSO) and multi-country producer and purveyor of the finest quality cannabis and hemp derived products for active life styles, and to support patient health and well-being.

The Pocket Shot Company, a portable spirit company, designs, produces, and distributes hard liquor and other beverages in flexible single-serving pouches in the United States. It offers Pocket Shot, a grab and go package for alcoholic beverages. The Company offers Pocket Shot in bourbon, whiskey, rum, vodka, brandy, tequila, cherry vodka, cinnamon whiskey, peppermint schnapps, spiced rum, and cinnamon schnapps flavors. It also offers its products through online retailers. The Pocket Shot Company was founded in 2003 and is based in Evergreen, Colorado.

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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Globe Newswire: 12:30 GMT Monday 11th February 2019

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