CALGARY, AB / ACCESSWIRE / February 16, 2024 / CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities announced today that it has entered into a strategic Supply Agreement (the "Agreement") with Cantek Holdings ("Cantek"), one of Israel's leaders in import and distribution of medical grade cannabis. This agreement will provide direct access to Israel's burgeoning consumer demand.
Under the terms of the Agreement, CannaPharmaRx will supply Cantek with a minimum of 1,000 kgs of product annually. Having secured all necessary export and import permits and licenses, the initial shipment of cannabis to Cantek, under the Agreement, will begin late Q1 2024.
Cantek is one of the leading Medical Cannabis enterprises in Israel, with a foothold across the entire value chain of the medical cannabis industry in Israel. Cantek holds strategic partnerships with prominent pharmacy chains, distribution companies, clinics and is deeply involved with Israel's growing medical cannabis patient community. Recently passed legislation bolstered the demonstrated market demand and regulatory support for high quality cannabis and is expected to significantly grow the medical cannabis industry.
CannaPharmaRx plans to continue to leverage its recent successes as it further develops its cannabis markets internationally in key markets. The company is now strategically positioned in some of the largest cannabis markets in the world.
"We are excited about our strategic relationship with Cantek, a leader in the Israeli market. This Agreement provides our company with a great opportunity to expand our cannabis brands and industry leading science in one of our key international markets of focus. Today's announcement validates our position in the world's cannabis market, and we consider this Agreement to be a major step forward towards making certain our product is pre-sold prior to beginning each planting and harvesting," commented Dean Medwid, 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.
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SOURCE: Cannapharmarx, Inc.
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