CALGARY, AB, Dec. 21, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — CannaPharmaRx, Inc. (OTC PINK:CPMD)(the â€œCompanyâ€), an emerging leader in development and operation of ultramodern, highly efficient cannabis grow facilities, announced today Health Canada has issued a cultivation license to the Company. As a result, CannaPharmaRx may now legallyÂ grow cannabis and sell its crop to other licensed producers and licensed wholesalers throughout Canada.
Health Canada is the department of the federal government of Canada responsible for national health policy. It approves and oversees the production of all cannabis products and is the licensing authority for all companies involved in the cannabis industry. Health Canada requires that all cannabis products meet federal regulatory requirements before they can be sold in Canada. The new license, denominated LIC-3JCQW6DIU0, is among the final major steps prior to production. This type of standard cultivation license is a prerequisite for licensed cannabis cultivators wanting to build and grow in a large-scale facility in order to expand their enterprise.
Approval of the cultivation license allows the company to reasonably projectÂ completion of its initial first harvest and commence sales from the crop during Q1 2023 resulting in estimated 12 month revenues Â of $30 million.
â€œThe Companyâ€™s facility in Cremona is now in final preparations Â to open shortly,â€ Nick Colvin, CPMD CEO stated. â€œArmed with our new cultivation license, the rights to several genetic strains and a very lucrative offtake agreement, we are primed to enter the cannabis market. Â We remain on track to complete our first harvest and commence distribution during the next few months. We expect these factors to quickly yield rapid revenue expansion over the next twelve months.”
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.
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