CannaPharmaRx, Inc. Announces Payoff of Short-Term Debt
CannaPharmaRx (OTC PINK:CPMD) announced the full repayment of its short-term convertible debt due in Q3 2020, enhancing its financial position. The company previously secured $3 million financing from Triton Funds, which is contingent on SEC Form S-1 approval. This funding aims to support the acquisition and development of cannabis facilities, focusing on genetics and cultivation. CannaPharmaRx is also advancing plans for its 48,500 square foot facility and pursuing potential acquisitions to become a leader in efficient cannabis production in Canada.
- Full repayment of short-term convertible debt eliminates potential stock conversion risk.
- Secured $3 million financing from Triton Funds for expansion efforts.
- Focus on genetics and cultivation may lead to significant growth opportunities.
- Dependence on SEC approval of Form S-1 for financing.
- Potential market risks associated with cannabis industry regulations.
CALGARY, AB / ACCESSWIRE / September 10, 2020 / CannaPharmaRx, Inc. (OTC PINK:CPMD) a future leader in ultramodern, highly efficient cannabis production facilities in Canada, announced that they have satisfied the short-term convertible debt that was due to mature in Q3 2020.
The Company had previously announced a 3 million dollar financing by Triton Funds. This financing, subject to SEC Form S-1, will enable the expansion of the acquisition and development phase wherein multiple growth opportunities are being explored within the fields of genetics and cultivation.
"We are excited to have repaid this debt in full and eliminated the short-term debt that was due to potentially convert to stock if not paid back," said Nick Colvin, CEO of CannaPharmaRx. "Maintaining a solid capital structure with minimal dilution is always responsible, but even more important as we begin to embark on our relationship with Triton," added Colvin.
About CannaPharmaRx, Inc.
CannaPharmaRx is focused on the acquisition and development of state-of-the-art cannabis grow facilities located in Canada. CPMD owns a 48,500 square foot cannabis grow facility presently under development and is currently 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. CannaPharmaRx is in the process of completing an application to list its common stock on the Canadian Stock Exchange with initial trading anticipated to being during the third quarter of 2020.
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
info@chesapeakegp.com
SOURCE: CannaPharmaRx
View source version on accesswire.com:
https://www.accesswire.com/605509/CannaPharmaRx-Inc-Announces-Payoff-of-Short-Term-Debt
FAQ
What recent financial update did CannaPharmaRx (CPMD) announce?
How much financing did CannaPharmaRx secure?
What is the focus of CannaPharmaRx's expansion efforts?
What is the significance of CannaPharmaRx's debt repayment?
When does CannaPharmaRx expect to begin trading on the Canadian Stock Exchange?
