- PureK Holdings (PKAN) has completed the previously announced acquisition of Nirvana Group, a natural pet wellness company that includes the BudaPets brand
- The company has issued US$1.5 million in unsecured convertible debentures as payment for the acquisition
- BudaPets products are created with the highest-quality CBD from hemp extract and natural ingredients
- PureK Holdings is a holding company that develops and markets cannabidiol products
- PureK Holdings (PKAN) opened trading at $7.05 per share
PureK Holdings (PKAN) has acquired Nirvana Group, a natural pet wellness company that includes the BudaPets brand.
The BudaPets brand joins the company’s existing pet care portfolio, which includes PureKana Pet, a division of the company’s market-leading CBD company, PureKana.
BudaPets products, which include calming, hip and joint, omega bites, and dental chews products, are created with the highest-quality CBD from hemp extract and natural ingredients to improve the quality of life of pets and of livestock.
All products are manufactured and processed in the United States and adhere to strict manufacturing standards.
Kathy Casey, CEO of PureK, commented,
"BudaPets fits perfectly into PureK Holdings’ growth strategy focusing on the global pet care, skincare, and plant-based food and beverage categories."
PureK and PureKana also recently acquired No B.S. Skincare, an industry-leading clean-formula skincare and beauty company.
The acquisition of both brands poises the company to strengthen its foothold in some of the fastest-growing global market categories.
PureK has acquired all of the issued and outstanding membership units of Nirvana and issued US$1.5 million in unsecured convertible debentures, with 3.25 per cent non-compounding annual interest.
In addition, Nirvana shareholders will be eligible to receive earnout compensation of $500,000 in common shares if sales from Nirvana’s products equals or exceeds $1 million for the 2021 fiscal year, and an additional $1 million in common shares if sales exceed $2.5 million for the 2022 fiscal year.
PureK Holdings is a holding company that develops and markets cannabidiol products.
PureK Holdings (PKAN) opened trading at $7.05 per share.