Puration, Inc. PURA, the producer of EVERx CBD Infused Sports Drink, announced Wednesday that it's made an offer to acquire an unnamed CBD pet products operation.
The CBD pet products market could reach $1.16 billion in the U.S. over the next two years, up from the $32 million reported in 2018, Puration said citing Brightfield Group estimates.
Earlier Wednesday, Puration said it made a formal proposal to acquire the Kali-Extracts Hemp4mula CBD Infused Confections operation.
The funding for the prospective acquisition of cannabis-infused beverage, edible and topical operations is coming from a $5-million investment recently made in Puration at 10 cents per share, the company said.
"Surprise, our CBD infused target opportunities will include pet products and our first candidate is ideal. The company provides concierge pet services through a mobile app portal and already has a thriving client base. They have been developing CBD products and PURA is pursuing the acquisition of the CBD products division prior to the launch of the product line,” CEO Brian Shibley said in a statement.
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