PureK Holdings Corp. (PKAN) signed a definitive agreement to buy No B.S. Skincare.
No B.S. Skincare was founded to provide consumers a clean and environmentally friendly alternative to skincare.
No B.S. Skincare’s products are made with potent, plant-based and scientifically proven ingredients and – unlike other skincare solutions - have no harmful chemicals like parabens, sulfates, phthalates or synthetic fragrances.
All of their products are responsibly made in the U.S. and are never tested on animals.
PureK Holdings Corp. CEO Kathy Casey said No B.S. Skincare’s unique approach to its portfolio is a perfect fit to fuel PureK Holdings’ holistic wellness growth strategy.
“We see synergies in our joint mission to democratize plant-based wellness through the powerful combination of nature and science.”
In addition to the execution of the agreement, PureK Holdings Corp. is pleased to announce that all No B.S. Skincare products, including its award-winning caffeine eye cream and retinol night cream will be available on the Target website starting the end of February.
Key focuses of growth for PureK Holdings Corp. are in the skincare and pet categories, global market entries and omni-channel expansion. With the addition of No B.S. Skincare to its portfolio, PureK Holdings Corp. is positioned to capitalize on what is expected to be strong growth in both the global skin care and beauty markets and in the CBD consumer products market.
The global CBD-infused skincare market is expected to reach USD$3.2 billion by 2025, with an estimated compound annual growth rate of over 25 per cent in that time, according to Allied Market Research.
The global skincare market was estimated to total approximately USD$198.3 billion by 2025, according to Statista.
Under the terms of the agreement, PureK Holdings Corp. and its majority-owned subsidiary, PureKana, will acquire all of the issued and outstanding membership interests of No B.S. Life, LLC, with 65 per cent of the purchase price to be paid by PureK Holdings Corp. and 35 per cent to be paid by PureKana, with resulting proportional ownership interests.
PureK Holdings Corp. will issue $4 million payable in unsecured convertible debentures, with 3.25 per cent non-compounding interest, payable in cash or common shares of PureK Holdings Corp., with a maturity date of 24 months following the date of closing.
PureK Holdings Corp. is down 6.57 per cent to C$13.50 per share at am EST.