Company Looking to Aggressively Enter the $1.5 Billion Colorado Cannabis and CBD Products Market

DENVER, CO, Feb. 19, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – The Pocket Shot Company (OTC: PCKK), a ten-year-old publicly traded specialty alcohol beverage distribution company, based in Denver, Colorado, today announced that its Pure Harvest Cannabis Producers, Inc. subsidiary, based in Santa Monica, California, has executed two Letters of Intent (LOIs) to enter the Colorado cannabis market, which is estimated at more than $1.5 billion dollars annually.     

Pure Harvest has agreed to acquire the assets of both Sundance Gardens of Denver and SKM Wellness Products of Dumont and to retain the management team, for combined cash consideration of approximately $700,000, assumption of certain liabilities, and 2,250,000 shares of common stock.  The owner operators of these businesses hold a combined 7 licenses, and bring a portfolio of strains and value-add cannabis products that are well-suited for manufacturing in California and other adult-use and medically approved states.

Upon the closing of these transactions, Pure Harvest will secure initial revenue generating operations in Colorado with 15,000 square feet of licensed operating cultivation, an infused products laboratory, and a cannabis dispensary licensed for both medical and adult-use as well as the talent to operate and scale the Colorado business to meet the market opportunity. 

“We are extremely excited to be able to enter the robust $1.5 billion a year Colorado cannabis and hemp market by partnering with two highly experienced cannabis operators,” stated David Lamadrid, CEO of the Pure Harvest Cannabis Group and the Pocket Shot Company. “We plan to become a multi-state operator (MSO) and vertically integrated producer and purveyor of the highest quality cannabis and hemp products available on the market.  With the founders of both Colorado companies joining our management team, we expect to be able to accelerate the development of Pure Harvest branded line of products.”

The management of both Sundance Gardens and SKM are expected to operate and manage Colorado operations under employment contracts as key members of the Pure Harvest executive team.

Although legislation is pending in Colorado to allow full ownership of cannabis licensees by publicly held companies, until Colorado law is changed, Pure Harvest will proceed with the acquisitions as a purchase of operating assets in the manner that is currently allowed by the regulatory authorities in Colorado. The Letters of Intent (LOIs) are non-binding, subject to due diligence, require the approval by the Marijuana Enforcement Division of the Colorado Department of Revenue, and the preparation and execution of definitive agreements.

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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