PURA has announced executing a letter of intent to acquire a company headquartered in Germany as part of a strategy to bottle PURA’s CBD infused beverages locally.
DALLAS, Nov. 07, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE – Puration, Inc. (USOTC: PURA) today confirmed the company is actively developing additional acquisition opportunities similar to the recently announced acquisition developing in Germany.
Earlier this week, PURA announced executing a letter of intent to acquire a company headquartered in Germany as part of a strategy to bottle PURA’s CBD infused beverages locally. The German LOI follows 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 project 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. A second LOI is anticipated to be announced next week and the German acquisition is anticipated to close next week.