CALGARY, AB / ACCESSWIRE / March 12, 2024 / CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities announced today that it has completed its first five grows and harvests that are ready for sale. Samples of the newer grows have been sent to an independent certified lab for testing, as required. They will verify that the product meets standards for distribution throughout Canada and internationally. We anticipate that this approval is completed in early April, with distribution to previously announced clients beginning shortly thereafter.
The company anticipates several grows per year in each of the ten grow rooms, typically taking 8-10 weeks. The sixth grow has now been harvested and is in process of being trimmed and cured. This cycle will continue with harvests being completed every two to three weeks. The annual production capacity of the facility is 6000kg or approximately $18 million in top line revenue, with offtake agreements already in place for most of this product.
"Having received our licenses, completed inspections, and grown and harvested our first five crops, this is the final step of compliance before distributing our products to our customers. The majority of our products are pre-sold, and we expect revenue to ramp significantly during the spring. We are fortunate to have partners and customers throughout the world that we can offer a high-quality product with premium genetics," said Dean Medwid, CEO of CannaPharmaRx.
The company announced last week that it will hold an investor conference call on Tuesday, March 19, 2024, at 2PM Eastern time to give an update on the year-to-date progress of CannaPharmaRx Inc.
Interested parties can join the conference call by dialing 530-881-1212, Access Code: 615-253-385#.
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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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, Inc.
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