MMJ Observer: Puration Inc.'s (OTCMKTS:PURA) CBD Business Acquisition Spree Takes It To A CBD Sun Care Business
May 27 2020 - 9:21AM
InvestorsHub NewsWire
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May 27, 2020 -- InvestorsHub NewsWire -- via David Rees --
Puration Inc. (OTCMKTS:PURA) has
announced the signing of a letter of intent for the acquisition of
a CBD-infused sun care products producing enterprises. The global
sun care products currently valued at $8.5 billion
could reach $10 billion in four years.
Puration eyeing acquisition of struggling CBD
businesses
At the beginning of this year, the company launched a CBD
business acquisition plan, and it seems the campaign is gathering
momentum, and Puration had been entertaining new unsolicited
investor interest to back the campaign. The campaign focuses on the
market for promising and creative businesses starved of cash due to
the slowing of the cannabis market in 2019.
The company secured a $5 million investment
in February to support its acquisition campaign. So far,
the company has closed the acquisition of CBD pet products and CBD
confections companies. Recently the company announced that it had
entered due diligence arrangement on another three potential
acquisitions.
In a recent update on the company’s acquisition campaign,
Puration indicated that the $5 million investment it secured was in
the form of a credit facility. As a result, the company can only
draw funds when necessary to fund the acquisitions. On the other
hand, the asset the company will acquire will secure the drawn
amount, and repayment will be in the form of shares at $0.10 for each
share.
Puration management pursuing more investments to fund
acquisitions
The company’s management indicated that there have been several
investment funds that have contacted the company seeking to support
the campaign. Management is currently pursuing more investments to
enhance its position as it seeks more acquisition
opportunities.
The company’s main focus company is the acquisition of CBD
product businesses that it can enhance through its patented
technology. The global CBD market is full of potential, and it is
likely to hit $20 billion by 2024. Puration has a US Patented
licenses to a cannabis extraction procedure that is backed through
extensive medical research. The license was issued by NCM Biotech
and is exclusive to CBD derivatives like edibles, cosmetics, and
beverages.
Other recent MMJ Observer includ features on Sugurmade (SGMD),
Neptune Wellness Solutions (NEPT)
Khiron Life Scients (KHRNF).
See original source publicaiton: https://www.mmjobserver.com/puration-inc-s-otcmktspura-cbd-business-acquisition-spree-takes-it-to-a-cbd-sun-care-business/33621/
SOURCE: David Rees
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