FORT LUPTON — CBD Global Sciences Inc. (Nasdaq: CBDNF) is set to purchase natural plastic company Pure BioPlastics Inc. from Pure Vision Technology LLC. The Fort Lupton-based company uses continuous countercurrent reactor technology to produce plastics from non-petroleum materials.
Calgary, Canada-based CBD Global Sciences sent a binding letter of intent regarding the purchase March 21, with the deal expected to close before April 15. CBD Global Sciences is set to pay an undisclosed amount in cash, Class A common shares and Series A preferred shares.
Ed Lehrburger, co-founder of Pure Vision Technology will be appointed to CBD Global Sciences’ board of directors.
Brad Wyatt was optimistic about the inclusion of bioplastic production from hemp and other biomaterials.
“With continued and successful efforts to grow points of sales, manufacturing, and distribution of CBD products, we are excited to add this technology to our portfolio of industrial hemp products and uses,” Wyatt said in a statement
Following the announcement of the deal, shares for CBD Global Sciences closed up 10% at 19 cents per share.
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