PPK Investment Group Does Business as Country Cannabis
LAS VEGAS, NV / ACCESSWIRE / May 19, 2021 / MJ Harvest, Inc. (OTCQB:MJHI) announced that it has converted its loan to PPK Investment Group, Inc. ("PPK") into a 6.2% interest in PPK, and has supplemented the original investment with purchase of an additional 3.8% of PPK paid for with 1,520,000 shares of MJHI common stock. MJ Harvest's total investment into PPK now sits at 10% and MJHI has an option to increase ownership up to 100% at any time prior to March 31, 2023 provided any increase can then be accomplished in accordance with Oklahoma law.
PPK, doing business as Country Cannabis, is a Wilburton, Oklahoma-based grower, harvester, extractor, producer, wholesaler and retailer of cannabis-based products. The company's brands include The Alchemist and Transcendence Edibles, among others. Country Cannabis focuses on the healing properties of marijuana for patients that are seeking out alternative therapies and/or conjunctive therapies to conventional medicine.
The definitive agreement also grants MJHI an option to acquire the real estate that Country Cannabis utilizes in its operations from an affiliated company. MJHI is working with PPK to structure further investment in compliance with Oklahoma cannabis licensing requirements on a timeline that provides the capital PPK needs for its continuing expansion into new markets. Additional investment in PPK, if any, will be on the same terms as the initial investment.
MJHI is now working directly with PPK to grow and develop its business. Patrick Bilton, CEO of MJHI, was instrumental in establishing a contract manufacturing and distribution relationship with International Brands Group (IBG) for distribution of the Chronic Brand of products in Oklahoma, with options to expand that relationship to other markets as PPK grows.
Patrick Bilton, Chief Executive Officer of MJ, Harvest Inc. noted "This is one of several manufacturing and distribution opportunities MJHI is bringing to PPK as we work hand in hand with Clinton Pyatt, CEO of PPK, to grow the business, expand the footprint and build brand recognition for Country Cannabis."
MJ Harvest first announced its initial loan to PPK Investment Group on March 30, 2021. As announced at that time, MJHI was establishing a relationship with PPK through the loan agreement. The goal was to expand the relationship to a larger ownership interest in accordance with Oklahoma law so that, over time, MJHI and PPK can effectively combine and grow their respective businesses. Today's news is a continuance of that plan.
MJHI is currently completing initial filing documents on a Regulation A offering to be filed with the Securities and Exchange Commission to raise up to $7,500,000 to further expand the equity ownership of PPK, build synergies between MJHI and PPK, and expand the business into new and rapidly growing markets. PPK is currently operating in Oklahoma, is in the process of expanding into Arizona, and has several other expansion opportunities in various other markets, including California.
This press release contains forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company assumes no obligation to update any forward-looking statement to reflect any event or circumstance that may arise after the date of this release.
MJ Harvest, Inc.
9205 West Russell Rd., Ste. 240
Las Vegas, NV 89148
Telephone: (954) 519-3115
SOURCE: MJ Harvest, Inc.