Puration Posts Q1 Results, Touts 173% Revenue Spike
The report comes about three months after Puration made an offer to buy an undisclosed CBD pet product operation.
That acquisition came on the heels of an announcement that Puration and Kali-Extracts Inc. (OTC: KALY) are negotiating Puration’s intention to purchase the cannabis company.
The following month, both parties confirmed the planned acquisition is underway.
Dallas-based Puration which saw its revenue spike 173% year-over-year, reaching $805,000. Here's a breakdown of what the earnings report showed:
- Pura’s gross revenue was $241,790
- Annual revenue of $2.7 million
- That's up by 121% compared to the $1.2 million the company generated in 2018
- A net profit of more than $200,000
The producer of EVERx CBD Infused Sports Drink also reported ordinary general expenses of roughly $130,000 per quarter.
Puration also said it plans to publish a narrative update on Friday, May 22, further revealing details regarding the first-quarter financial report and its 100% annual revenue growth outlook for 2020.
Furthermore, it will provide information on its cannabis cultivation operations related to Nouveau Life Pharmaceuticals, Inc. (OTC: NOUV).
In addition, Kali reported it had submitted a novel patent application based on its CBD formulation for relieving symptoms of COPD and related respiratory conditions.
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