CALGARY, AB / ACCESSWIRE / February 21, 2023 / CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities announced today that it has signed a letter of intent to acquire LTB Management LLC (LTB), an e-commerce financial platform company utilized to support online sales for a variety of products. LTB has direct experience developing online website applications for medical cannabis deliveries for pharmacies, distributors and producers. The deal is expected to close during February. Upon closing, revenue can begin to be immediately booked.
The company will aid in accelerating sales for CannaPharmaRx in Israel and Europe. LTB had revenues of approximately $3 Million in 2022. This number is expected to rise to over $5 million in 2023 as new products, including cannabis, are added to their platform. LTB's technology is used by several companies that benefit from innovation by providing efficiency in marketing and client onboarding. The platform will allow consumers and wholesalers to learn about and shop for various products as well as receive data-driven updates. This will allow CannaPharmaRx to grow and diversify revenue through engagement. LTB is finalizing development of its own payment solution that will enable the acceptance of additional payment methods including e-wallets and cryptocurrencies.
"This is an important step for our company and will be one of several revenue streams that begin for the company during the next few weeks. LTB's largest value will be in running the online stores, implementing digital marketing technology, and retaining existing customers and prospects. This acquisition will augment our anticipated cannabis sales, which we expect to produce and deliver at an annual run rate of nearly $30 million," commented Chief Executive Officer, Dominic Colvin.
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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SOURCE: CannaPharmaRx