Puration, a Texas CBD beverage company, is evolving into a “lifestyle brand” using feedback from consumers and other industry stakeholders to inform and implement its transformation.
In a Nov. 10 announcement, Puration said it is developing numerous hemp-derived products to increase its market share and raise awareness of the crop’s potential. The hemp market, valued at $4.6 billion in 2019, is expected to grow to $26.6 billion in 2025, according to MarketsandMarkets, a market research firm.
The company targets “the hemp consumer advocate that believes in the personal, environmental and economic benefits of hemp,” adding that these are consumers who see their preference for hemp over conventional items as “an expression of their identity.” Puration will sell the new products under Farmersville Brands, named for its Farmersville, Texas, facility.
Puration’s plan goes beyond engaging consumers for market research and product testing and development. According to the company’s announcement, it will engage with consumers, engineers, designers, medical professionals, entrepreneurs, and investors to “conceive, pilot, validate and produce hemp-based solutions.”
The company has established two partnerships - with PAO Group and Alkame Holdings - and is finalizing other agreements. PAO, a cannabis cultivator with U.S. operations dedicated to hemp cultivation, will work with Puration to develop hemp-derived nutraceutical and pharmaceuticals. Puration has signed a contract for Alkame, a health and wellness technology company, to package its hemp-derived beverages, foods, and oils.
The company began ramping up this transition earlier this year by purchasing several CBD businesses, including confections, pet products, and sun care businesses that it believes could be enhanced by its patented technology. The company owns a patented cannabis extraction process.
