DALLAS, May 12, 2020 /PRNewswire/ -- Puration, Inc. (USOTC: PURA) today announced entering into a letter of intent (LOI) to acquire a business producing a CBD infused sun care product. The global market for sun care products is $8.5 billion today and anticipated to reach over $10 billion by 2024.
In January of this year, 2020, PURA launched a campaign to acquire CBD beverage, edible and topical businesses to include CBD businesses that targeted pet products. The campaign was intended to target a robust market of creative and promising young companies starved for investment in the waning 2019 cannabis capital market. PURA has acquired a CBD confections company and a CBD pet products company so far this year.
In February, PURA secured a $5 million investment to fund. The $5 million investment is structured as debt facility whereby funds can be drawn as needed to fund acquisitions. The drawn funds would be secured by the acquired asset and the debt can be repaid in stock at $0.10 per share. PURA management is actively pursuing additional investment to increase the potential of the current acquisition campaign.
PURA targets CBD product acquisitions that can be enhanced with PURA's patented technology. PURA owns a license to a U.S. Patented cannabis extraction process backed by extensive university medical research. The license, issued by NCM Biotech, is exclusive for beverages, edibles and cosmetics among other uses. NCM Biotech is focused on medical research and Puration has access to that research. See a recent research report on CBD extracts derived from NCM Biotech's patented extraction process: Journal of Cannabis Research.
For more information on Puration, visit https://www.purationinc.com