CannaPharmaRx Executes Multi-Year Supply Agreement with ICAN to Create Distribution Network in the Latin Americas

Rhea-AI Summary

CannaPharmaRx, Inc. (CPMD) finalized a supply agreement with ICAN Green S.A. de C.V., a division of ICAN Investing Group LLC, to supply cannabis products in Latin America, focusing on Mexico and Panama. ICAN is a key player in cannabis education and research, being the first company to import THC API legally into Mexico. The agreement entails CannapharmaRx supplying ICAN with cannabis products, ensuring minimum annual purchases. This partnership signifies a strategic move for international expansion and revenue diversification for both companies.

CALGARY, AB / ACCESSWIRE / March 5, 2024 / CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities announced today that the company finalized a supply agreement with ICAN Green S.A. de C.V ("ICAN"), a division of ICAN Investing Group LLC. CannaPharmaRx will supply product to ICAN for distribution in the Latin Americas with a primary focus on Mexico and Panama.

ICAN, an international cannabis company with a focus on Latin-America, is a regional reference in education, research, and development of cannabis-based medications and products. ICAN was the first, and so far, only company to legally import THC API into Mexico.

Under the terms of the agreement, CannapharmaRx will supply ICAN with cannabis related products, subject to minimum required annual levels of purchases by ICAN. This partnership is a significant accomplishment for both companies.

"By securing this strategic partnership with ICAN, we continue to evolve our systematic international expansion strategy that will create diversity of revenue and allow us to introduce our high-quality products to an expanding global audience," commented Dean Medwid, CEO of CannaPharmaRx.

"Through our pivotal partnership with CannaPharmaRx Inc., ICAN marks a significant milestone in our mission to revolutionize the healthcare landscape in Latin America through innovative cannabis-based solutions. This agreement not only expands our reach but underscores our dedication to quality, research, and patient care. Together, we are set to bring high-quality, research backed cannabis products closer to our patients, further establishing ICAN as a leader in the region's healthcare transformation." Erick Ponce, CEO of ICAN, said.

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, Inc.

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FAQ

What is the latest agreement finalized by CannaPharmaRx, Inc. (CPMD)?

CannaPharmaRx, Inc. (CPMD) finalized a supply agreement with ICAN Green S.A. de C.V., a division of ICAN Investing Group LLC, to supply cannabis products in Latin America, focusing on Mexico and Panama.

Who is ICAN and what is their focus?

ICAN is an international cannabis company with a focus on Latin America. They are known for their contributions to cannabis education, research, and the development of cannabis-based medications and products.

What milestone did ICAN achieve in Mexico?

ICAN was the first and only company to legally import THC API into Mexico, marking a significant achievement in the region.

What does the partnership between CannaPharmaRx and ICAN entail?

The partnership involves CannapharmaRx supplying ICAN with cannabis products, subject to minimum required annual levels of purchases by ICAN, aiming for international expansion and revenue diversification.

Who are the CEOs of CannaPharmaRx and ICAN, and what are their comments on the partnership?

Dean Medwid, CEO of CannaPharmaRx, highlighted the strategic nature of the partnership for international expansion. Erick Ponce, CEO of ICAN, emphasized the importance of quality, research, and patient care in revolutionizing healthcare in Latin America.