Puration Inc. (OTCMKTS:PURA) has announced that it has finalized the acquisition of a Germany company. This will enable Puration to bottle its CBD drinks locally and supply them throughout Europe.
Puration takes EVERx CBD Sports Water to Europe
The acquisition comes at the back of Puration, entering a distribution agreement to supply its EVERx CBD Sports water and other beverages in Europe. The distribution agreement will add approximately $4 million in sales in 2020.according to the management, the European market is huge, and the sales projection needed the establishment of a local bottling capacity.
By 2023 the CBD market in Europe will be around $17 billion. The expansion to Europe is part of the company’s strategy to expand the bottling of beverages outside Latin America and Canada. The company has indicated that it will close the acquisition on November 14.
The company has already started marketing the EVERx CBD Sports Water in Europe. The company launched the beverage at the Arnold Schwarzenegger Sports Festival In Barcelona. The water was introduced first in 2017 at the Arnold Classic in Ohio in 2017. It has grown to be part of the global Arnold Sports Festival events.
EVERx Sports Water is a leading CBD infused beverage that is growing sales rapidly. In the first half of this year, the company generated sales of $1 million from the water, and it is targeting sales of around $4 million by the end of 2019. This will be different from the current anticipated $4 million from the distribution agreement.
Puration Announces LOI for an acquisition in Latin America
Besides the acquisition in German, the company also announced a possible acquisition in Latin America same as that of Germany. The acquisition is designed to enhance foothold for the company to bottle the CBD infused beverages locally in Latin America. The Latin America CBD market is budding, and it is showing signs of massive potential. By 2028 it is estimated that the market will hit $9 billion.