Puration Acquires 25 Greenhouse Grow Operation Entering $20 Billion Marijuana Market Opportunity
DALLAS, July 20, 2017 /PRNewswire/ --
Puration, Inc. (USOTC: PURA) today announced the acquisition of a 25-greenhouse grow operation. PURA operates a U.S. Patented Cannabis Extraction process and sells its extracts for infusion into a variety of consumer products to include beverages, foods, nutritional supplements and cosmetics. The grow operation will provide PURA the opportunity to refine its own strains of cannabis to further enhance the efficacy of its extracts. The Company recently announced a $1.2 million sales contract executed in anticipation of the acquisition announced today. The grow operation has the potential to expand production to another 400 irrigated greenhouse pads ready for buildout. Management anticipates the operations have the potential to expand to as high as $16 million in annual sales in the not too distant future, and substantially higher to well over $100 million in annual sales as the legalization process for medical marijuana matures. Forbes reported that marijuana sales in the U.S. last year were over $6 billion, and that marijuana sales in the U.S are anticipated to exceed $20 billion by 2021. Look for an online presentation from the Company next week about the overall strategy behind the acquisition to include more insight on the timing of the opportunity to reach $16 million in annual sales and beyond.
Learn More About PURA: purationinc.com
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease.
Brian Shibley, CEO
SOURCE Puration, Inc.