Pure Harvest Successfully Acquires SKM Wellness Products
References: pureharvestcannabis & globenewswire
In August, 2020, emerging cannabis and hemp-CBD holding company Pure Harvest Corporate Group, Inc. succeeded in acquiring Sofa King Medical Wellness Products, LLC (“SKM). The latter is a "vertically integrated cannabis company operating a dispensary, cultivation, and processing facility in Colorado. Founded in 2014, SKM opened a new dispensary in June 2020 which achieved massive growth in revenue over a very short period of time. Moreover, the retail space is state-of-the-art as it is "one of the only solar-powered dispensaries in the world."
Primary founder Neale Gibbons who has had twenty-plus years of experience as a cannabis and hemp operator was excited about the acquisition. In a press release, he stated: "This is a milestone for both entities and it provides a solid foundation from which we will look to scale both nationally and internationally."
Image Credit: Pure Harvest Corporate Group, Inc.
Primary founder Neale Gibbons who has had twenty-plus years of experience as a cannabis and hemp operator was excited about the acquisition. In a press release, he stated: "This is a milestone for both entities and it provides a solid foundation from which we will look to scale both nationally and internationally."
Image Credit: Pure Harvest Corporate Group, Inc.
Trend Themes
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Vertical Integration in Cannabis Industry — Companies can adopt a vertically integrated model to streamline their operations, reduce costs, and increase revenue in the cannabis industry.
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Sustainability in Cannabis Retail Space — Sustainability-focused innovation in retail space could create opportunities for companies looking to differentiate themselves in the cannabis industry.
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Consolidation in Cannabis Industry — Consolidation in the cannabis industry can lead to increased market share and competitive advantage for companies looking to expand their reach.
Industry Implications
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Cannabis Industry — As the cannabis industry continues to grow, there are opportunities for companies to innovate within its various sectors.
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Renewable Energy Industry — The cannabis industry's focus on sustainability presents new opportunities for innovation in the renewable energy industry.
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Mergers and Acquisitions Industry — The trend of consolidation in the cannabis industry presents opportunities for investors and M&A firms to capitalize on the growing demand for cannabis products.
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