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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


CannaPharmaRX gets Health Canada cultivation license

The company now expects to generate over $30M in revenue next year

CannaPharmaRX gets Health Canada cultivation license
Okanagan Falls greenhouse owned by CannaPharmaRx. Photo via CannaPharmaRx

CannaPharmaRx (OTCPINK: CPMD), a Calgary-based company focused on acquiring and improving cannabis grow facilities, has received the certification it needs to begin legally growing and selling pot.

On Wednesday, the company announced news of obtaining a cultivation license from Health Canada.

This milestone will enable CannaPharmaRx to commence sales of its first crop at the beginning of next year. The company expects to generate over $30 million in revenue from cannabis by the end of 2023.

Read more: Lift Vancouver 2023 shares Top 10 unmissable attractions

Read more: More Canadians bought cannabis from legal sources this year: Health Canada

“Armed 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,” said Nick Colvin, CEO of the company.

“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.”

The company’s primary goal is to become a leader in the cultivation of high-grade cannabis at a low cost through acquiring, developing and upgrading grow facilities. CannaPharmaRx says it is committed to operating its facilities with state-of-the-art heat and power generation technology to minimize its production expenses.

CannaPharmaRx stock increased by 16.13 per cent today to $0.018 on the OTC Markets.


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