Puration Inc (OTCMKTS:PURA) announced plans to close the takeover of a Latin American Company next week. It recently held a meeting in Dallas to explore the acquisition opportunities in Latin America. The takeover allows Puration to bottle CBD beverages and meet the growing demand in Latin America.
Demand for legal cannabis is $9 billion
The demand for legal cannabis in Latin America is expected to reach $9 billion by the year 2028. Puration eyes a pie of legal cannabis market through this takeover.
Puration recently acquired a company to bottle CBD to meet the growing demand in Europe. It is on the backdrop of recently signed distribution accord for EVERx CBD sports water in Europe. The company expects to realize sales of $4 million in 2020 through this distribution accord in Europe. According to the management of Puration, it needs to establish a bottling plant in Europe to surpass sales of $4 million. The demand for CBD in Europe is expected to reach $17 billion by the year 2023.
Confirms revenue target of $4 million for 2019
Puration confirmed the revenue target of $4 million for 2019 supported by the recent launch of Tranquili Tea CBD. The company has reported revenues of $1.9 million, an increase of 100%, as of September 2019. Puration witnessed steady revenues of $2.7 million in Q3 and Q4 and expects to generate $1.3 million to reach the target. It aims to achieve revenues of $8 million next year considering the financial strength as of September 30, 2019.
Distribution on three continents
Puration has distribution on three continents (Africa, Europe, and North America) for its CBD beverages. The company expects to expand its distribution to the fourth continent (South America) soon.
Edibles and cannabis-infused beverages are recently legalized in Canada. It is called Cannabis 2.0. Puration is planning to introduce a THC saver in Canada. The company took over a cannabis business in Canada in 2018. It later spun off that business into Nouveau. Brian Shibley, Chief Executive Officer of Puration, who also serves as Interim CEO of Nouveau, the company will accommodate the cannabis business through restructuring. Nouveau also plans to establish a relationship in that nation to produce THC savor beverage.
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