US-based beverages manufacturer Puration has unveiled plans to start producing CBD-infused beverages in Europe.

Earlier this week, the company announced plans to acquire an undisclosed German-headquartered company to bottle its CBD infused beverages locally.

As part of this initiative, the company executed a letter of intent (LOI).

In October, the company signed a distribution agreement for its EVERx CBD Sports Water, as well as other CBD infused beverages in the European market.

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The company hopes that the distribution agreement in Europe will generate approximately $4m in revenues by next year.

The potential of the European market for the CBD drinks has encouraged the company to move forward towards establishing a local bottling facility.

A report published by Cannabis Business Plan that says the European market for CBD-based products is expected to reach nearly $17bn by 2023.

After setting up a bottling facility in Europe, the company also intends to expand bottling in Canada and Latin America as part of its business plan.

PURA also noted that it is seeking to make fresh acquisitions to continue to strengthen its position in the region.

Last month, Puration unveiled plans to launch Tetrahydrocannabinol (THC)-based beverages in the Canadian market.

The company plans to introduce the THC Savor drink in the market after the Canadian government legalises the ale cannabis-infused beverages later this month.

Puration claims that its THC Savor drink has been produced using its license of Kali-Extracts’ US Patented Cannabis Extraction Process. The company will announce the distribution plan for the drink in the Canadian market on 31 October.