CannaPharmaRX, Inc. Closes Sale of Hanover Facility for $2,000,000 CAD

Rhea-AI Summary

CannapharmaRx, Inc. (OTC PINK:CPMD) announced the sale of its Hanover, Ontario facility for $2,000,000 CAD, which spans ten acres and features 48,800 square feet of growing space. The sale was unanimously approved by management to eliminate debt and improve the company's balance sheet. CEO Nick Colvin emphasized that this decision aligns with their strategy to acquire more technologically advanced cannabis production facilities. CannapharmaRx aims to lead in the efficient production of cannabis in Canada through modernization and enhancement of their facilities.

Positive

• Sale of Hanover facility for $2,000,000 CAD will reduce debt and improve the balance sheet.
• Management unanimously supports the decision, indicating strong leadership alignment.
• Focus on acquiring technologically advanced facilities aligns with strategic growth plans.

Negative

• None.

CALGARY, AB / ACCESSWIRE / July 13, 2021 / CannapharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities in Canada, announced today the sale of its Hanover, Ontario facility for $2,000,000 CAD. The Hanover facility includes ten acres of land and 48,800 square feet of growing space. The decision to sell the Hanover facility was made because of the more technologically advanced facilities being considered for purchase. . This sale was unanimously agreed upon by senior management as being best for the company and its stakeholders.

'Eliminating debt and liabilities through the sale of this facility will vastly improve the bottom line of our balance sheet," said 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.

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:
CannaPharmaRx Contact
Attention:
Ness Capital & Consulting
nesscapconsult@gmail.com
(857) 226-3917

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

SOURCE: CannapharmaRX

View source version on accesswire.com:
https://www.accesswire.com/655258/CannaPharmaRX-Inc-Closes-Sale-of-Hanover-Facility-for-2000000-CAD

FAQ

What was the sale price of CannapharmaRx's Hanover facility?

The sale price of the Hanover facility was $2,000,000 CAD.

Why did CannapharmaRx decide to sell its Hanover facility?

CannapharmaRx sold the Hanover facility to eliminate debt and focus on acquiring more technologically advanced facilities.

What are CannapharmaRx's future plans after selling the Hanover facility?

CannapharmaRx plans to acquire additional state-of-the-art cannabis production facilities to enhance its operations.

What are the dimensions of the Hanover facility sold by CannapharmaRx?

The Hanover facility included ten acres of land and 48,800 square feet of growing space.