CannaPharmaRx Receives Canada Revenue Agency (CRA) License As Final Step to Bringing Facility Into Production With Annual Revenues of Over $30 Million Expected

Rhea-AI Summary

CannaPharmaRx, Inc. (OTC PINK:CPMD) announced it has received its CRA license, allowing it to commence cannabis production and sales in Canada. With licenses from both the CRA and Health Canada secured, the company is set to begin growing cannabis at its facility in Cremona. CannaPharmaRx anticipates its first harvest within the current quarter, projecting annual revenues exceeding $30 million. Additionally, a multi-million-dollar offtake agreement is in negotiation, positioning the company for rapid revenue expansion in the cannabis market.

Positive

• Received CRA license enabling cannabis production and sales.
• Anticipates first harvest within the current quarter.
• Projected annual revenue of over $30 million.
• Negotiating a multi-million-dollar offtake agreement for future sales.

Negative

• None.

CALGARY, AB / ACCESSWIRE / January 11, 2023 / CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities announced today that it has received its CRA license.

A company can start producing cannabis products after receiving licensing from both the CRA and Health Canada. CannaPharmaRx can now begin business activities relating to the production and sale of cannabis. The license is valid for up to two years.

CannaPharmaRx is now authorized to grow cannabis and sell wholesale to other licensed producers throughout Canada. The CRA oversees regulation of cannabis products including the production, possession, removal, sale and distribution of cannabis as well as impose proper excise duties and taxes on cannabis products.

Now that both licenses are approved the company anticipates completing the first harvest during the current quarter with estimated annual revenue over $30 million.

"The company is now preparing to grow its first two crops at the facility in Cremona. With a multi-million-dollar offtake agreement in negotiation and several strains of genetics for a variety of high-quality cannabis products the company is in position and prepared to enter the cannabis market. The first harvest and distribution is expected to be completed during the first quarter 2023 with rapid revenue expansion," 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.

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/734830/CannaPharmaRx-Receives-Canada-Revenue-Agency-CRA-License-As-Final-Step-to-Bringing-Facility-Into-Production-With-Annual-Revenues-of-Over-30-Million-Expected

FAQ

What is the significance of CannaPharmaRx receiving the CRA license?

The CRA license allows CannaPharmaRx to legally produce and sell cannabis products in Canada, marking a key step in its business operations.

When does CannaPharmaRx expect its first cannabis harvest?

CannaPharmaRx anticipates its first cannabis harvest to occur within the current quarter following the receipt of its licenses.

What are the revenue projections for CannaPharmaRx?

CannaPharmaRx projects annual revenues exceeding $30 million as it begins its cannabis production and sales.

Is CannaPharmaRx negotiating any agreements related to cannabis sales?

Yes, CannaPharmaRx is in negotiations for a multi-million-dollar offtake agreement to enhance its sales capabilities.