- Pure Harvest (OTCPK:PHCG) announced Wednesday it has signed a settlement agreement with its creditors, which results in removal of ~$2.8M senior debt from the company's balance sheet.
- To put that in perspective, the market capitalization of Pure Harvest sits at around $1.71M.
- The matters relates to the litigation for which the U.S. District for Wyoming has also granted a motion for the dismissal of all claims concerning the debt.
- "Besides the clearly positive effect on the balance sheet, putting this litigation behind us will allow our team to fully concentrate on seizing the numerous opportunities in the hemp and cannabis marketplaces," commented Pure Harvest's CEO Matthew Gregarek.
- The medical cannabis firm further stated that the management is "seeking additional sources of capital to further reduce and restructure debt and acquire the growth capital."