As part of the deal signed in October 2019, Puration will purchase the German firm for an undisclosed amount
Image: Puration intends to expand CBD-beverage bottling internationally. Photo: courtesy of PIRO4D from Pixabay.
Puration (PURA) is set to close the acquisition of Germany-based undisclosed firm in a bid to expand CBD-beverage bottling internationally.
In October 2019, Puration signed a deal with the German firm to establish a bottling capacity for its CBD beverages in Europe. Financial terms of the deal were undisclosed.
Puration said that the acquisition follows PURA’s recent signing of a distribution agreement in Europe for its EVERx CBD Sports Water with other CBD infused beverages.
The firm said in a statement: “The initial European distribution agreement is estimated to add $4 million in sales next year. Management indicates that the potential of European distribution beyond the initial $4 million projection warrants the establishment of a local bottling capacity.”
Puration plan to expand bottling operations in Canada and Latin America
The bottling expansion in Europe is a wider part of the firm’s plan to expand bottling in Canada and Latin America.
A second letter of intent to make a similar acquisition for the Latin American CBD beverage market is anticipated to be announced next week in addition to the German acquisition closing next week.
Last year, Puration announced the overhauling of its EVERx CBD Infused Sports Water packaging.
The new packaging features a new logo, a redesigned label and additional packaging configurations.
Commenting on the new packaging, Puration CEO Brian Shibley said: “EVERx has more than twice the CBD than most CBD Infused waters on the market.
“Our water technology can suspend more CBD than our competitors and still have a crystal-clear appearance and a refreshing taste. Our current packaging may not be as sexy as some of competitors and I try not to take that personally as I’m the one that designed it in PowerPoint on my laptop.”
Earlier, the company said it plans to introduce a six-pack configuration primarily to have a smaller shipping size to support e-commerce sales to reach regions where the product is not currently available at retail.