CannaPharmaRx Enters into a Genetics Transfer Agreement with High Profile Cannabis Corp.

Rhea-AI Summary

CannaPharmaRx (OTC PINK:CPMD) has signed a genetics transfer agreement with High Profile Cannabis, enhancing its production capabilities. High Profile will supply live cannabis plants and seeds, supporting CannaPharmaRx's application to become a licensed producer in Canada. The agreement, lasting at least 12 months, also includes negotiations for a Supply Agreement for product purchases. CEO Nick Colvin highlighted this partnership as a significant milestone towards revenue generation and expansion plans, with future growth expected across several continents.

Positive

• Signed a genetics transfer agreement with High Profile Cannabis, enhancing production capabilities.
• Anticipates beginning revenue generation shortly.
• Plans for expansion on several continents in the near future.

Negative

• None.

CALGARY, AB / ACCESSWIRE / June 29, 2022 / CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities announced today that it has signed a genetics transfer agreement with High Profile Cannabis, Inc. of Alberta and British Columbia, Canada.

Under the terms of the agreement High Profile will deliver will live cannabis plants and seeds to CannaPharmaRx. CannaPharmaRx has applied to Health Canada to be a licensed producer and High Profile desires that its genetics be part of this license. CannaPharmaRx expects to produce finished cannabis products utilizing these genetics. Both companies will negotiate a Supply Agreement in which High Profile will purchase product from CannaPharmaRx on mutually agreeable terms. This agreement will continue for a minimum of twelve months.

"The company continues to achieve significant milestones and will begin to recognize revenue shortly. Partnerships like this and others we are working on will lay the groundwork for significant expansion. We continue to identify other areas for growth and are confident in distribution on several continents next quarter," said Nick Colvin, CEO of CannaPharmaRx.

About High Profile Cannabis, Inc.
High Profile Holdings is a Canadian cannabis company focused on connecting people through supporting the authentic cannabis culture. We specialize in cultivating authentic cannabis cultivars that bring people together through a chain of cannabis retail brands. Our premium cultivated products and elevated retail environment attract established craft cannabis connoisseurs and discerning new customers demanding certainty. High Profile Cannabis showcases our craft process to cultivation.

At retail locations, our customers consistently receive expert service coupled with a rare and curated selection of products, including exclusive access to High Profile products. Our unique advantage is the integration of our direct seed-to sale relationship between cultivation (High Profile Cannabis Co.) and true premium, exclusive, products in Canadian retail outlets.

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

SOURCE: CannaPharmaRx

View source version on accesswire.com:
https://www.accesswire.com/706892/CannaPharmaRx-Enters-into-a-Genetics-Transfer-Agreement-with-High-Profile-Cannabis-Corp

FAQ

What agreement did CannaPharmaRx sign with High Profile Cannabis?

CannaPharmaRx signed a genetics transfer agreement with High Profile Cannabis to receive live cannabis plants and seeds.

How long will the genetics transfer agreement last?

The genetics transfer agreement will last for a minimum of twelve months.

When does CannaPharmaRx expect to recognize revenue?

CannaPharmaRx expects to begin recognizing revenue shortly due to its recent agreements and contracts.

What is CannaPharmaRx's business strategy?

CannaPharmaRx's strategy is to acquire and develop state-of-the-art cannabis facilities to become a leader in high-quality, low-cost cannabis production.