Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Related topics

CannaPharmaRx Receives Cultivation License from Health Canada and Projects 2023 Revenue Over $30 Million

PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
December 21, 2022 GMT

CALGARY, AB, Dec. 21, 2022 (GLOBE NEWSWIRE) -- via  NewMediaWire  --  CannaPharmaRx, Inc. (OTC PINK:CPMD)(the “Company”), an emerging leader in development and operation of ultramodern, highly efficient cannabis grow facilities, announced today Health Canada has issued a cultivation license to the Company. As a result, CannaPharmaRx may now legally grow cannabis and sell its crop to other licensed producers and licensed wholesalers throughout Canada.

Health Canada is the department of the federal government of Canada responsible for national health policy. It approves and oversees the production of all cannabis products and is the licensing authority for all companies involved in the cannabis industry. Health Canada requires that all cannabis products meet federal regulatory requirements before they can be sold in Canada. The new license, denominated LIC-3JCQW6DIU0, is among the final major steps prior to production. This type of standard cultivation license is a prerequisite for licensed cannabis cultivators wanting to build and grow in a large-scale facility in order to expand their enterprise. 

Approval of the cultivation license allows the company to reasonably project completion of its initial first harvest and commence sales from the crop during Q1 2023 resulting in estimated 12 month revenues  of $30 million.

“The Company’s facility in Cremona is now in final preparations  to open shortly,” Nick Colvin, CPMD CEO stated. “Armed with our new cultivation license, the rights to several genetic strains and a very lucrative offtake agreement, we are primed to enter the cannabis market.  We remain on track to complete our first harvest and commence distribution during the next few months. We expect these factors to quickly yield rapid revenue expansion over the next twelve months.” 

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.

Safe Harbor Statement
Cautionary Note Regarding Forward-Looking Information or Statements
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.

Contact Information:
Brokers and Analysts:
Chesapeake Group
(410) 825-3930