Vertically integrated consumer products holding company Pure Harvest Corporate Group, Inc. (OTCQB: PHCG) reported its financial results for the third quarter of fiscal year 2021, developer total sales of $ 507,865 for the period compared to $ 318,690 in the third quarter of 2020.
âAlthough we have faced headwinds in the past, I believe we are well positioned to move forward and grow our business at all levels, and I believe the opportunities presented will help us deliver value. additional to our shareholders. “ Matthew Gregarek, CEO of Pure Harvest said in an open letter to shareholders.
At the end of In the third quarter of last year, Pure Harvest reported total sales of $ 323,731.
In 2021, the company exceeded $ 2 million in revenue and is “on track to achieve our best annual turnover,Gregarek said.
In addition, the company also posted a Positive adjusted EBITDA of $ 2.02 million for the nine-month period ended September 30, 2021.
Gregarek attributed the company’s revenue growth to the acquisition of Sofa King Medical Wellness Products LLC. in 2020 and the construction of a strategically located retail center in Dumont, Colorado. Additionally, SKM recorded over $ 1.5 million in revenue in 2020. As of September 30 of this year, SKM had generated over $ 1,750,000 in total revenue.
âThanks to the hard work and diligence of our plant operations team, SKM’s business in Dumont is growing rapidly,â continued Gregarek.
Last month the company incorporated a new subsidiary, Phytocare, Inc., to distribute its CBD and its health and wellness products within the health services industry.
“Once we build the program with this network of doctors, we plan to roll it out to traditional insurance companies and expand the product line to cover additional health issues to reach more patients.” , explained Gregarek.
To support the deployment of Phytocare operations, the company consolidated all development and manufacturing of hemp and CBD products in its wholly owned subsidiary, Test Kitchen.
In September, Pure Vendange confirmed the acquisition of Test Kitchen Inc., based in Colorado, a company specializing in pharmacognosy research. The company took over Test Kitchen in exchange for 50,000 restricted shares.
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PHCG Price Action
Pure Harvest shares traded 18.42% higher at $ 0.2025 per share at time of writing Wednesday morning.
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