Pure Harvest Signs LOI to Establish Large Scale Colombian Cannabis/CBD Processing and Year-Round Cultivation Joint Venture
February 11 2019 - 7:51AM
InvestorsHub NewsWire
Synergy to Create Multi-Continent Export
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DENVER, CO -- Feb. 11, 2019 -- InvestorsHub NewsWire --
The Pocket Shot Company, (OTC: PCKK), 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.
About the Pure Harvest Cannabis Group
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.
About The Pocket Shot Company
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.
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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