CALGARY, AB / ACCESSWIRE / January 11, 2023 / CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities announced today that it has received its CRA license.
A company can start producing cannabis products after receiving licensing from both the CRA and Health Canada. CannaPharmaRx can now begin business activities relating to the production and sale of cannabis. The license is valid for up to two years.
CannaPharmaRx is now authorized to grow cannabis and sell wholesale to other licensed producers throughout Canada. The CRA oversees regulation of cannabis products including the production, possession, removal, sale and distribution of cannabis as well as impose proper excise duties and taxes on cannabis products.
Now that both licenses are approved the company anticipates completing the first harvest during the current quarter with estimated annual revenue over $30 million.
"The company is now preparing to grow its first two crops at the facility in Cremona. With a multi-million-dollar offtake agreement in negotiation and several strains of genetics for a variety of high-quality cannabis products the company is in position and prepared to enter the cannabis market. The first harvest and distribution is expected to be completed during the first quarter 2023 with rapid revenue expansion," 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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