DALLAS, Feb. 12, 2020 /PRNewswire/ -- Puration, Inc. (USOTC: PURA) today announced adding a second acquisition prospect to its acquisition pipeline with an offer extended to acquire a CBD Pet Products operation. The Brightfield Group, a cannabis-focused research outfit, estimates that the CBD pet products market could grow from the $32 million reported in 2018 to $1.16 billion in the U.S. alone by 2022.
"We recently announced securing a $5 million investment at $0.10 per share to fund the acquisition of CBD infused beverages, edibles and topicals," said CEO Brian Shibley. "Surprise, our CBD infused target opportunities will include pet products and our first candidate is ideal. The company provides concierge pet services through a mobile app portal and already has a thriving client base. They have been developing CBD products and PURA is pursing the acquisition of the CBD products division prior to the launch of the product line. The terms under discussion are attractive to both seller and buyer. The proposed purchase price is in accordance with the pre-launch scenario and seller benefits from PURA funding the marketing launch."
PURA announced earlier today making a formal proposal to acquire Kali-Extracts Hemp4mula CBD Infused Confections operation. On Monday, earlier this week, PURA announced closing on a $5 million investment to fund the prospective acquisition of cannabis infused beverage, edible and topical operations. The $5 million investment is structured as a debt facility whereby funds can be drawn as needed to fund acquisitions. The drawn funds would be secured by the acquired asset and the debt can be repaid in stock at $0.10 per share. Hemp4mula is the first target acquisition for PURA in an anticipated series of acquisitions.
For more information on Puration, visit http://www.purationinc.com.
This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.
SOURCE Puration, Inc.