Pure Harvest Corporate Group, Inc. announced that it has received $0.376 million in funding from AJB Capital Investments LLC
August 25, 2021
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Pure Harvest Corporate Group, Inc. announced that it has entered into a securities purchase agreement with AJB Capital Investments LLC in a private placement of convertible promissory note for a gross proceeds of $358,000 on August 26, 2021. The company issued a note of $400,000 with a discount of $24,000 and a purchase price of $376,000. As part of transaction, the company paid a legal fees of $10,000 and $8,000 in finder’s fees in connection with the sale of the Note. The company has a net proceeds of $358,000. The note bears an interest rate of 5% per annum for the first three months and 10% per annum thereafter having a maturity date of February 25, 2022, and and, following an event of default only, is convertible into shares of the Company’s common stock at a conversion price equal to the lesser of 90% of the lowest trading price during the 20 trading day period preceding the issuance date of the note, or the 20 trading day period preceding date of conversion of the note. The company had issued securities pursuant to the exemption provided by Section 4(a)(2) and Rule 506(b) of Regulation D. Pursuant to the agreement the Company paid a commitment fee to the Purchaser in the amount of $220,000 in the form of 440,000 shares.
Pure Harvest Corporate Group, Inc. manufactures, distributes, and sells a range of cannabis products including hemp/ cannabidiol (CBD) and marijuana/ tetrahydrocannabinol (THC) consumer products. The Company's THC product line at its Dumont dispensary includes bulk flower, pre-rolls, and THC concentrates. The Company also sells THC distillate as an ingredient or raw material to other licensed marijuana infused products manufacturers within the State of Colorado along with wholesale THC concentrates, such as wax and shatter. It operates various segments of the cannabis and hemp- CBD industries with a focus on health and wellness products and applying education, research and development, and technology to each sector. It is also involved in the acquisition and operation of licensed marijuana cultivation facilities, manufacturing facilities, and dispensaries.