CALGARY, AB / ACCESSWIRE / September 10, 2020 / CannaPharmaRx, Inc. (OTC PINK:CPMD) a future leader in ultramodern, highly efficient cannabis production facilities in Canada, announced that they have satisfied the short-term convertible debt that was due to mature in Q3 2020.
The Company had previously announced a 3 million dollar financing by Triton Funds. This financing, subject to SEC Form S-1, will enable the expansion of the acquisition and development phase wherein multiple growth opportunities are being explored within the fields of genetics and cultivation.
"We are excited to have repaid this debt in full and eliminated the short-term debt that was due to potentially convert to stock if not paid back," said Nick Colvin, CEO of CannaPharmaRx. "Maintaining a solid capital structure with minimal dilution is always responsible, but even more important as we begin to embark on our relationship with Triton," added Colvin.
About CannaPharmaRx, Inc.
CannaPharmaRx is focused on the acquisition and development of state-of-the-art cannabis grow facilities located in Canada. CPMD owns a 48,500 square foot cannabis grow facility presently under development and is currently in discussion with other companies regarding potential acquisitions. CannaPharmaRx's business strategy is to become a leader in high quality and low-cost production of cannabis through the development, acquisition and enhancement of existing facilities. CannaPharmaRx is committed to operating high quality facilities utilizing the latest technology in combined heat and power generation to ensure being a low-cost producer of cannabis. CannaPharmaRx is in the process of completing an application to list its common stock on the Canadian Stock Exchange with initial trading anticipated to being during the third quarter of 2020.
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