USA – Texas-based cannabis infused beverage maker, Puration Inc (PURA) has announced that it is currently working to build a pipeline of more acquisition opportunities seeking to expand into the booming CBD infused food and beverage market.
As part of the expansion, the company has revealed that the fairness opinion on the target CBD Confections acquisition coming from a third-party analyst is expected to be complete next week.
The CBD Infused Confections operation is currently producing CBD Infused Gummies and CBD Infused Gum. The CBD Infused Gummies market alone is anticipated to reach US$6.9 billion by 2025.
PURA recently launched a campaign to acquire CBD infused beverage, edible and topical operations and also announced closing on a US$5 million investment to fund the acquisition campaign.
The company says that the US$5 million investment is structured as a debt facility whereby funds can be drawn as needed to fund acquisitions.
In February, PURA announced the acquisition of a CBD Infused Pet Products operation in a deal that gives the PURA access to the company’s portal and its existing customers.
The CBD pet products market is projected to reach US$1.16billion by 2022, the Brightfield Group estimates.
The cannabis infused beverage maker recently secured its first foreign CBD beverage bottling contract that will see the company begin bottling its Everx CBD Sports Water in Europe.
This follows PURA’s acquisition of a company to facilitate bottling in Europe as part of an overall initiative to expand bottling capacity world-wide.
The company also recently signed a distribution agreement in Europe for its Everx CBD Sports Water estimated to add US$4 million in sales this year. The European market for CBD is projected to reach nearly US$1.7bn by 2023.
As part of a bigger plan to expand bottling capabilities globally, the company recently announced that it had acquired a business in Bogota, Colombia to enable PURA bottle CBD beverages in Latin America for the Latin American market.
PURA’s business emerged after a spin-off of a cannabis extraction business previously owned by North American Cannabis Holdings which was started in 2013, early on in the cannabis consumer market.