CannapharmaRx, Inc. Announces Changes to its Board of Directors
CannapharmaRx, Inc. (OTC PINK: CPMD) recently announced a restructuring of its Board of Directors, effective March 12, 2021, with Jim Samuelson and Matt Nicosia resigning to focus on other business obligations. Their departures were not due to disagreements with the company. CEO Nick Colvin expressed gratitude for their contributions as CannapharmaRx prepares for significant asset acquisitions in Saskatchewan and Alberta, expected to close in April 2021. The company aims to enhance its position in high-technology cannabis production and has a 48,500 square foot grow facility under development.
- Restructured board expected to align with strategic goals.
- Focus on major asset acquisitions in Saskatchewan and Alberta.
- Ongoing development of a 48,500 square foot cannabis grow facility.
- Leadership transformation aimed at enhancing operational efficiency.
- Resignations may cause concerns about continuity and experience gaps.
CALGARY, AB / ACCESSWIRE / March 25, 2021 / CannapharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities in Canada, announced today that it has consolidated its Board of Directors to include a team more suitable for the recently announced asset and facility offer acceptance in Saskatchewan and Alberta.
Effective March 12, 2021, CannapharmaRX has accepted the resignations from Jim Samuelson and Matt Nicosia, both of whom will focus on other business obligations. Neither resignation was due to any disagreement with the Company on any matter relating to operations, policies, or practices. The company anticipates announcing replacements for these board members shortly as it continues to transform into a leader in the high-technology cannabis industry.
"On behalf of the company's management team, directors and shareholders, I'd like to thank Jim and Matt for their contribution with preparing the organization for the next phase of its growth cycle," said Nick Colvin, CEO of CannapharmaRx. "We are now focusing much of our resources on closing the pivotal asset and facility acquisitions in both Saskatchewan and Alberta that were announced in January. In an effort to bring these properties online as soon as possible, we are laser focused on a seamless path through the regulatory and licensing process. It is anticipated that these transactions will close during April," 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.
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 for CannapharmaRx:
CannaPharmaRx Contact
Attention: Richard Brown
Ness Capital & Consulting
nesscapconsult@gmail.com
508-462-9638
Brokers and Analysts:
Chesapeake Group
(410) 825-3930
SOURCE: CannaPharmaRx
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FAQ
What changes were made to CannapharmaRx's Board of Directors?
Why did Jim Samuelson and Matt Nicosia resign from CannapharmaRx?
What is the significance of the asset acquisitions in Saskatchewan and Alberta?
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What future developments can be expected from CannapharmaRx?
