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Puration shares pop after saying it's pouring more resources in cannabis beverage business

Company wants to take advantage of the move by major beverage players into the cannabis sector
Juice drinks
Puration hopes to take advantage of move by major brands into cannabis beverage sector

Puration Inc (OTCQB:PURA) shares popped after announcing that it will be devoting more resources to its cannabis-infused beverage business.

In a statement on Thursday, it provided further details of its two cannabis-infused beverages and that it recently announced a letter of intent to acquire a company with a third cannabis sector beverage.

"The presentation highlights the company's overall strategy to optimize the movement of major brand name beverage industry players into the cannabis sector in addition to reporting recent interest shown by some brand name players into Puration's experience in the cannabis infused beverage sector," it said.

Shares of the company settled on Thursday 62.11% higher at $0.1452.

READ: Alcohol companies get a buzz from playing offense in cannabis industry

Puration said up until Canada's vote to legalize use of recreational marijuana, large corporations and investment houses remained on the sidelines.

At this time, Corona Beer parent Constellation Brands (NYSE:STZ) has jumped into the cannabis sector by making a $4 billion investment.

The Coca-Cola Co (NYSE:KO) is looking at the CBD sector and Molson Coors Brewing Co has announced a partnership to develop a non-alcoholic cannabis infused beverage for the Canadian market. 

The cannabis beverage market is promising given soft drink sales in the US total $112 billion annually and alcohol beverage sales in the country reached $223 billion per year.

Puration entered the cannabis sector when it acquired the rights to a patented cannabis extraction process from North American Cannabis Holdings Inc (USMJ). The company had been organized previously as a water purification company. The compay is based in Dallas, Texas.

Reporting by Rene Pastor, contactable on [email protected] 

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