Pure Harvest Cannabis Group Inc., or PHCG, said Sept. 13 that it acquired fellow Denver-based cannabis holding company Prolific Nutrition LLC in a cash and stock transaction.
Financial terms of the transaction were not disclosed.
Prolific Nutrition sells a range of cannabidiol products such as tinctures, gummies, capsules, lotion and hemp oil lip balm under multiple brands. It also sells CBD-infused products for pets.
PHCG Chairman and CEO Matthew Gregarek said they have been looking for the right company to acquire that can scale quickly and grow to be a key player in the global hemp/CBD industry. "Daniel Garza and his team at Prolific Nutrition have an impressive record of creating and marketing high-quality CBD products and have a deep understanding of this rapidly growing industry. We are very excited to join the ranks of quality CBD producers based in Colorado," he said.
Following the deal, PHCG will absorb all of Prolific's assets and place them under its wholly owned subsidiary Pure Harvest Hemp Inc. Prolific founder and CEO Daniel Garza will serve as CEO of Pure Harvest Hemp and will also become a director and the chief marketing officer of PHCG.
Meanwhile, Gregarek will join the board of Pure Harvest Hemp.
