In August, 2020, emerging cannabis and hemp-CBD holding company Pure Harvest Corporate Group, Inc. succeeded in acquiring Sofa King Medical Wellness Products, LLC ("SKM). The latter is a "vertically integrated cannabis company operating a dispensary, cultivation, and processing facility in Colorado. Founded in 2014, SKM opened a new dispensary in June 2020 which achieved massive growth in revenue over a very short period of time. Moreover, the retail space is state-of-the-art as it is "one of the only solar-powered dispensaries in the world."
Primary founder Neale Gibbons who has had twenty-plus years of experience as a cannabis and hemp operator was excited about the acquisition. In a press release, he stated: "This is a milestone for both entities and it provides a solid foundation from which we will look to scale both nationally and internationally."
Growing Cannabis Acquisitions
Pure Harvest Successfully Acquires SKM Wellness Products
Trend Themes
1. Vertical Integration in Cannabis Industry - Companies can adopt a vertically integrated model to streamline their operations, reduce costs, and increase revenue in the cannabis industry.
2. Sustainability in Cannabis Retail Space - Sustainability-focused innovation in retail space could create opportunities for companies looking to differentiate themselves in the cannabis industry.
3. Consolidation in Cannabis Industry - Consolidation in the cannabis industry can lead to increased market share and competitive advantage for companies looking to expand their reach.
Industry Implications
1. Cannabis Industry - As the cannabis industry continues to grow, there are opportunities for companies to innovate within its various sectors.
2. Renewable Energy Industry - The cannabis industry's focus on sustainability presents new opportunities for innovation in the renewable energy industry.
3. Mergers and Acquisitions Industry - The trend of consolidation in the cannabis industry presents opportunities for investors and M&A firms to capitalize on the growing demand for cannabis products.