Puration Receives up to $10 Million Funding Commitment Tied to Cannabis Tourism Project With Partners ML Capital Group and Spanish Peaks ScrumpDelicacies
DALLAS, May 9, 2017 /PRNewswire/ —
Puration, Inc. (USOTC: PURA) today announced having received a funding commitment up to $10 million to finance the construction of a facility to house the Company’s patented cannabis extraction process in conjunction with an edibles and bottling production capacity. The funding commitment comes in conjunction with the recently announced pending acquisition of a controlling interest in PURA by American Cannabis Innovations Conglomerated (“ACI”) announced last week. In addition to the cannabis infused products to be produced at the planned facility, the facility is intended as the cornerstone and show piece of PURA’s partnership with ML Capital Group (USOTC: MLCG) and Spanish Peaks ScrumpDelicacies to build a cannabis tourism business modeled after the Napa Valley wine tourism industry.
Closing of the financing is predicated on the closing of the ACI acquisition, and requires the inclusion of a local bottling partner to work with PURA. The actual amount of the funding up to $10 million will be tied to the value of the real estate associated with the project.
Learn More About PURA: purationinc.com
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease.