Thursday, October 18, 2018 12:08:53 PM
By Sean McCaughan
APR 18, 2018
Puration Inc. (USOTC:PURA), a cannabis cultivator which is controlled by American Cannabis Innovations Conglomerated, announced that it is on the verge of expanding into the Canadian market with the impending acquisition of an unnamed operation north of the border. The exact identity of the Canadian partner appears to still be under wraps, but negotiations are close to completion, according to a press release:
Puration management characterizes the ongoing development of the opportunity to acquire an operation in Canada as “advanced” and “nearing completion.” The acquisition would bring exceptional cultivation talent and experience to Puration and put Puration in a good position to potentially secure a license to cultivate cannabis in Canada for the legal recreational marijuana market. Puration has identified a substantial and underserved sector within the recreational marijuana market both in Canada and within the states in the United States that have legalized recreational marijuana use. The company has secured conditional investment to back its plan to capitalize on this substantial and underserved sector. The first step in meeting investment conditions is to finalize the acquisition in Canada. Puration management anticipates finalizing the Canadian acquisition before the end of April. Stay tuned.
Puration had originally planned to make the Canadian acquisition with its sister company, North American Cannabis Holdings, Inc. (USOTC:USMJ). However, that company is currently in talks with another entity interested in acquiring control over its operations, so Puration moved forward on its own.
This announcement follows on the heels of Puration’s acquisition of an established nursery in the company’s home state of Texas. Last year, Puration purchased First Choice Nursery, a conventional plant nursery, and converted it into a 25-greenhouse marijuana cultivation facility, “in the first step of a plan to grow the operation to 400 greenhouses.” They will use those 400 greenhouses product cannabis extracts for the Texan medical marijuana marketplace.
https://www.potnetwork.com/news/cannabis-cultivator-puration-verge-expanding-canada
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