Denver Based Adult Beverage Distribution Company Announces Entry into Rapidly Expanding Cannabis, Hemp, and CBD Industry
DENVER, CO, Jan. 07, 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, is pleased to announce it has completed its anticipated merger with Pure Harvest Cannabis Producers, a privately held Nevada company led by a group of cannabis industry pioneers. The merger will immediately allow Pocket Shot to enter the rapidly expanding cannabis, hemp, and CBD industry.
The post-merger company will immediately focus on developing into a multistate, seed-to-sale, vertically integrated cannabis and hemp producer and retailer under the Pure Harvest brand. The enhanced brand will now include an innovative beverage line of premium CBD infused products for energy and sports recovery.
Additionally, the Company has installed a new management team with extensive experience in the formation of start-up cannabis companies, public capital markets, as well as all business cycles of the cannabis industry. The Pure Harvest group has founded and managed multiple public cannabis companies that have achieved significant success in the markets and marketplace.
Pocket Shot’s Board of Directors has elected Sterling Scott, a former Washington, D.C. regulatory attorney with significant expertise in incubating emergent and established cannabis entities, as the Executive Chairman and Director. David Lamadrid, the former president of Cannabis Life Sciences (CLSH), a Nevada based vertically integrated cannabis producer, has been elected as President, CEO, and Director.
Matt Gregarek will remain on the board of directors. Jerry Bachman, Pocket Shot founder and current president, has relinquished his position on the board, but will remain active in the operations and continue to manage the historical Pocket Shot beverage business.
“We believe the timing is ideal to start a new and innovative, science driven cannabis company,” stated Mr. Lamadrid, CEO of Pure Harvest. “We are in the early growth stages of a new worldwide health and wellness industry and intend for Pure Harvest to play a significant role in that development. Our goal is to become a leader in every cycle of the medical cannabis industry and through this merger we now have in-house the talent to pursue these goals.”
“We are very pleased to join forces with a powerhouse team with the knowledge, experience and successful record of Mr. Scott, Mr. Lamadrid and the entire Pure Harvest group.” stated Mr. Bachman, founder of the Pocket Shot company. “Our new sports drink formulation program provides an immediate and accelerated entry to the beverage segment that can be infused with CBD and sold through existing national distribution.”
Management intends to apply for a corporate name change, new trading symbol, and an up listing to the OTCQX, the highest tier of companies in the OTC Markets Group. The plan is also to apply for dual listing on the Canadian Securities Exchange (CSE).
The current Pocket Shot product line features patented small, novel beverage pouches that make it easier to transport and consume alcohol than traditional glass or plastic single serving products. It can already be found in over 25 states and is sold in thousands of stores.
About the Pure Harvest Cannabis Group
The Pure Harvest Cannabis Group is a new science-based medical cannabis company dedicated to the highest quality products, ethical growing standards, environmental awareness, and corporate integrity.
Pure Harvest intends to develop into a vertically integrated multi-state producer and purveyor of the finest cannabis and hemp derived products for active life styles, and to support patient health and well-being. Management plans to establish Pure Harvest as a consumer product brand that can be sold in multiple markets that have legalized cannabis and hemp-derived products.
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.
About the Merger
On December 31, 2018 Pure Harvest Cannabis Producers, Inc. was acquired by the Pocket Shot Company (“PCKK”). Pocket Shots is publicly traded on the over the counter market under the trading symbol PCKK. In connection with the merger, Pocket Shot issued 8,953,008 new shares of common stock and 8,953,008 warrants to Pure Harvest shareholders. The company will establish separate subsidiaries for the cannabis and beverage businesses. Pocket Shot plans to call a special meeting of its shareholders to, among other things, change the name of the company to the Pure Harvest Cannabis Group and approve a two-for-one forward split of the company’s common stock. The company is expected to open corporate headquarters in Santa Monica, California with additional offices in Denver, Colorado, and New York, New York.
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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