CALGARY, AB / ACCESSWIRE / January 25, 2022 / CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities in Canada, announced today they have entered into an agreement with their new head grower.
The agreement will allow CannaPharmaRx to have access to premium genetics and immediately begin preparing for cultivation at the Cremona facility. The facility, formerly known as the Aurora Mountain facility, was completed in 2015. The facility is capable of an output of 6,000-kg/year plant. The Aurora facility was billed as the world's first-ever custom-built cannabis grow site.
CannaPharmaRx will have EUGMP (European Union Good Manufacturing Practice and GACP (Good Agricultural Practice) certifications. The company may sell products from the facility in Europe and Israel and take the raw product from other facilities and trim, dry, and package and sell in the same markets.
The agreement will allow the company to plant crops immediately upon the facility being relicensed. CannaPharmaRx anticipates completing the first harvest and sales during early Q3 2022 with estimated annual revenue over $30 million from this facility.
"This agreement is an important step towards our production and distribution model. We are on track to begin signing distribution agreements for our first harvest," stated Nick Colvin, CEO of CannapharmaRx.
About CannapharmaRx, Inc.
CannapharmaRx is focused on the acquisition and development of state-of-the-art cannabis grow facilities in Canada. CPMD is 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.
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This press release contains forward-looking information or statements. All statements that are or information which is not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance, are 'forward-looking information or statements.' Forward-looking information or statements can be identified by the use of words such as 'plans,' 'expects,' or 'does not expect,' 'is expected,' 'estimates,' 'intends,' 'anticipates,' or 'does not anticipate,' or 'believes,' or variations of such words and phrases or statements that certain actions, events or results 'may,' 'could,' 'would,' 'might' or 'will' be taken, occur or be achieved. With respect to forward-looking information and statements contained herein, Management of CannapharmaRx has made numerous assumptions, including, among other things, assumptions about general business and economic conditions. Such forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, events, or developments to be materially different from any future results, events, or developments expressed or implied by such forward-looking information or statements. Readers are cautioned not to place undue reliance on such forward-looking information or statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking information or statements. CannapharmaRx assumes no obligation to update any forward-looking information or statements, even if new information becomes available as a result of future events, new information, or for any other reason except as required by law.
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