Puration Inc (OTCMKTS:PURA) expects to complete its Cannabis Spinoff integration with NCM Biotech, a subsidiary of Kali Inc (OTCMKTS:KALY), by the end of this week.
It is now reversing the previous merger of its cultivation spinoff with Nouveau Life Pharmaceuticals Inc (OTCMKTS:NOUV). The company is also making concerted efforts to solve the issue of delayed dividends to its shareholders.
Transaction in several steps
The transaction comprises several steps. In the first step, the management control of Cannabis Spinoff will be acquired. Subsequently, the public company’s management team will announce the takeover of NCM Biotech and assets of the cannabis cultivation arm.
Distribution of dividend
Following unwinding of deal with Nouveau, Puration will offer its cannabis cultivation arm in exchange for common shares of a public company, which engages in medical cannabis space. Puration will use this stock in the distribution of dividends.
Following the implementation of friendly hemp farming regulations in Texas, the cannabis cultivation is flourishing. The universities in the state of Texas commenced research in hemp farming.
Takes over a sexual wellness product line
Puration took over cannabidiol infused sexual wellness products portfolio. The demand for sexual wellness expects to reach $39 billion by the year 2024. It is the fourth takeover for Puration this year.
EVERx sports water sales contribute to a large chunk of revenues for Puration. In Q1 2020, the company reported revenues of $800,000. It posted revenues of $2.7 million in 2019.
Puration initiated a campaign in January this year to take over cannabidiol infused beverages, topical, and edibles businesses. According to a report published by Forbes, the companies with integrated CBD and hemp with capitalization below $6 million are at risk because of uncertain economies caused by ongoing COVID-19 impact. Companies facing risk because of ongoing turmoil are attractive targets for takeover.
Puration raised funds of $5 million to support its takeover efforts. It secured today’s acquisition through a royalty agreement.
Kali calls for potential partners
Kali is scouting for partners to take part in its efforts to expedite the development and validation of proprietary cannabidiol formulations targeted to cure symptoms related to COPD (Chronic Obstructive Pulmonary Disease) and other respiratory conditions. It developed the treatment for COPD using its patented cannabis extraction process in the US.
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