The initial European distribution agreement is expected to add $4m in the sales of 2020.
Image: Puration reports optimism on Latin American acquisition outlook. Photo: courtesy of Willfried Wende from Pixabay.
Puration, Inc. (USOTC: PURA) announced the meetings taking place in Dallas with a target acquisition opportunity in Latin America intended enable PURA to bottle CBD beverages in Latin America for the Latin American market are going well. PURA management believes agreement on final terms will be forthcoming by the end of the day tomorrow.
The legal Latin American cannabis market is anticipated to reach $9 billion by 2028. Last week, PURA closed an acquisition to enable PURA to bottle CBD Beverages in Europe for the European market. The acquisition initiative in Europe was driven by PURA recently signing a distribution agreement in Europe for its EVERx CBD Sports Water with other CBD infused beverages to follow. 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. The European market for CBD is projected to reach nearly US $17 billion by 2023. The bottling expansion in Europe is part of a bigger plan to expand bottling in Canada and Latin America. The meetings that started yesterday and go through Wednesday of this week are focused on establishing a foothold for local bottling in the Latin American market just as the German acquisition is designed to establish a foothold in Europe.
Source: Company Press Release