Puration (PURA) First of Three Anticipated Collaboration Agreements
Puration Inc. (PURA 0.031 3.68%), a water purification company that recently expanded into the cannabis extraction space, recently announced that it entered into a $1 million collaboration to produce and co-market THC and CBD infused beverages with Spanish Peaks ScrumpDelicacies – a venture-backed cannabis consume products start-up in Colorado.
Under the terms of the agreement, the two companies will develop a line of THC and CBD infused beverage products for the consumer market. Spanish Peaks brings expertise in developing and distributing cannabis edibles and beverages, while Puration’s highly refined cannabis extraction process has been independently tested to achieve 98% purity. The agreement is targeting about $1 million in sales during the first year.
The agreement is the first of three anticipated agreements with food and beverage companies to be announced over the coming weeks. Puration’s business strategy is to partner with food and beverage companies to co-market products infused with its cannabis extracts. Management has published a business plan estimating $3 million in revenue on the company’s website through agreements like these with food and beverage firms.
Puration’s patented extraction process gives them the ability to produce a consistent high quality dab for the legal recreational and medical marijuana markets. Management aims to position its PURA-EXTRACTS to be branded similar to Splenda with a logo on each product sold containing the highly purified extracts.
Currently, Puration has a market capitalization of approximately $1.4 million with 50,000,000 shares outstanding and 2,371,776 shares in the float. If management is successful in generating $3 million in revenue, the company could see its stock price move higher over the long-term.
Originally Published By CFNMedia: