Puration is looking to make its entry into the CBD sun care market. The Dallas-based company has entered into a letter of intent to acquire a business producing a CBD-infused sun care product, potentially positioning the company to enter the market, which Statista pegs at $8.5 billion.
This move is the latest from the company, which goes by Pura, in terms of growing its business. In January, Pura launched a campaign to acquire businesses in CBD beverages and edibles, as well as a topical business meant to help it launch into pet products.
Its acquisitions are being fueled by a $5 million investment fund that it secured in February. The company said its leadership is actively pursuing investments that can increase the potential of its current acquisition efforts.
The company scopes out CBD products to acquire that would benefit from its patented cannabis extraction process, which it licenses from NCM Biotech.