CannaPharmaRx Completes Long Term Lease for Cremona Production Facility Which Should Yield 6,000Kg ($30,000,000)/Year
CannaPharmaRx (OTC PINK:CPMD) has finalized a 20-year operating lease for the Cremona, Alberta cannabis production facility, previously owned by Aurora Cannabis. This 55,200-square foot facility can produce 6,000 kg/year of cannabis. With plans to obtain EUGMP and GACP certifications, the company aims to enter European and Israeli markets. Expected first harvest and sales are set for Q3 2022, with projected annual revenue surpassing $30 million. CEO Nick Colvin labeled the lease a significant milestone for the company.
- Secured a 20-year operating lease for a strategic cannabis production facility.
- Projected annual revenue exceeding $30 million from the Cremona facility.
- Expected completion of EUGMP and GACP certifications to enhance marketability in Europe and Israel.
- Plans for first harvest and sales anticipated in Q3 2022.
- None.
CALGARY, AB / ACCESSWIRE / January 6, 2022 / CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities in Canada, announced today the completion of a 20-year operating lease for a cannabis production facility in Cremona, Alberta.
The facility, formerly known as the Aurora Mountain facility, was Aurora Cannabis' first facility and was completed in 2015. The facility is a 55,200-square foot, 6,000-kg/year plant. The Aurora facility was billed as the world's first-ever custom-built cannabis grow site.
As the licenses and certifications are reissued, CannaPharmaRx will have EUGMP (European Union Good Manufacturing Practice and GACP (Good Agricultural Practice) certifications. EU GMP certification is the highest recognition available by companies in the pharmaceutical space. European Union Good Manufacturing Practices details the production, handling, storage, and packaging of cannabis. The EU GMP certification is the essential piece a company needs to "go global" with cannabis. 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 company anticipates completing the first harvest and sales during Q3 2022 with estimated annual revenue over
"This operating lease is a large accomplishment for the company and the first of many significant milestones we will accomplish during the current quarter," 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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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
SOURCE: CannaPharmaRx, Inc.
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FAQ
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