DALLAS, June 19, 2020 /PRNewswire/ -- Puration, Inc. (USOTC: PURA) today announced the closing of the acquisition of a CBD infused sexual wellness product line is scheduled for next week, on Thursday, June 25, 2020. The global sexual wellness market is anticipated to reach a $39 billion value by 2024. This acquisition will make PURA's fourth acquisition this year. Following the sexual wellness acquisition, PURA management plans to publish a comprehensive update on the company's overall acquisition campaign. The update is tentatively scheduled for Tuesday, June 30, 2020.
PURA's revenue is generated today primarily through the sales of its EVERx CBD Sports Water. PURA reported $2.7 million in annual sales last year and $800,000 in the first quarter of 2020. In January of this year, PURA initiated an acquisition campaign to acquire CBD infused beverage, edible and topical businesses. The acquisition campaign is a long-term growth strategy while the COVID-19 Pandemic keeps PURA management focused on the first priority of sustaining rapid growth through its EVERx sales.
The acquisition campaign launched in January this year continues unhampered and possibly even enhanced by the prevailing COVID-19 impacted economic conditions. Forbes reports that vertically integrated hemp and CBD companies capitalized under $6 million are at risk of not surviving the economic conditions resulting from COVID-19. The challenges facing such companies creates a target rich acquisition market. PURA's horizontal strategy to expand across the CBD market from beverages, to edibles and topicals gives PURA a wider footprint and corresponding long-term stability from which to maintain sustainability and fuel rapid growth.
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.