This is a tremendous opportunity for Colorado Harvest Company to join forces with Stem, anticipating a very bright future together." These new licenses combined with the experience and know-how of Stem will bring the company to the next level. Colorado Harvest Company was recognized by Governor Polis with the first recreational cannabis delivery license in the State of Colorado and last week was awarded the distribution license for delivery in Denver. Tim Cullen, CEO of Colorado Harvest Company, stated, "Colorado Harvest Company, an industry leader and pioneer in Colorado, is excited to enter into an agreement with Driven By Stem. This new relationship will provide our customers with a new array of products and services, as well as allow us to build on the success Stem has enjoyed in other states. We look forward to driving synergies as we integrate operations and best-practices throughout our enterprise.” Berk commented, “We are excited to acquire CHC and benefit from its team’s long history of cultivation and retail experience to further enhance our existing operations, combined with their deep product development expertise. In calendar 2021, CHC is expected to generate over $13,000,000 in revenues, with a projected gross margin of $5,070,000, upon completing over 180,000 retail transactions. CHC is not only vertically integrated with great retail locations, high-quality products, and cultivation capacity, but is also the first company to be awarded a delivery license in the state of Colorado which conforms with our proprietary Budee delivery platform.” CHC has long been recognized as a cannabis industry pioneer and a consumer favorite, known for its exciting line up of proprietary in-house strains, and an extensive selection of quality concentrates and edibles.” Berk further stated, “CHC’s assets fit perfectly with Stem’s core competencies and infrastructure for cultivation, wholesale, dispensary and e-commerce retail, extraction, delivery and edibles. He continued, “We have long been looking for the right partners and assets to enter the Colorado market. It is the second largest market in the nation, and continues to grow at double digits after a record year in 2020, when it grew by 25% to reach annual sales of US$2.2 billion,” stated Adam Berk, CEO of Stem. “The Colorado cannabis market has been an area of strategic focus for Stem. d/b/a Driven by Stem (OTCQX: STMH) (CSE: STEM) (the " Company" or " Stem"), the first multi-state, vertically integrated Farm-to-Home™ (F2H) cultivation and technology omnichannel cannabis company featuring a proprietary Delivery-as-a-Service (DaaS) marketplace platform, announced today that it has entered into a letter of intent (the “ LOI”) to acquire High Country Supply, LLC d/b/a Colorado Harvest Company (“ CHC”) (the “ Acquisition”), one of Denver’s oldest and most respected vertically-integrated operators with two delivery permits, three retail dispensaries, and two cultivation facilities. 26, 2021 (GLOBE NEWSWIRE) - Stem Holdings, Inc.
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