Potential of European distribution beyond the initial $4 million projection warrants the establishment of a local bottling capacity.
DALLAS, Nov. 12, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE – Puration, Inc. (USOTC: PURA) today announced a second letter of intent (LOI) targeting the Latin American CBD beverage market similar to the LOI in Germany targeting the European CBD beverage market announced last week.
The acquisition initiative in Europe was driven by PURA recently signing a distribution agreement in Europe for its EVERx CBD Sports Water with other CBD infused beverages to follow. The initial European distribution agreement is estimated to add $4 million in sales next year.
Management indicates that the potential of European distribution beyond the initial $4 million projection warrants the establishment of a local bottling capacity. The European market for CBD is projected to reach nearly US $17 billion by 2023.
The bottling expansion in Europe is part of a bigger plan to expand bottling in Canada and Latin America. The LOI announced today is similar to the LOI in Germany. It is designed to establish a foothold for local bottling in the Latin American market just as the German acquisition is designed to establish a foothold in Europe. The legal Latin American cannabis market is anticipated to reach $9 billion by 2028. The German acquisition is scheduled to close this week on Thursday, November 14, 2019. Look for more information soon on the Latin American LOI.
For more information on Puration, visit http://www.purationinc.com
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