CALGARY, AB / ACCESSWIRE / May 26, 2020 / CannaPharmaRx, Inc. (OTC PINK:CPMD) a future leader in ultramodern, highly efficient facilities in Canada for the distribution to wholesale licensed cannabis retailers, announced today that the Company has entered into a share exchange with 36 shareholders of GN Ventures, LTD ("GNV"). GNV is an Alberta based corporation engaged in the development of Canadian cannabis cultivation facilities. GNV owns and operates a 60,000 square foot cannabis cultivation and grow facility located in Ontario, Canada, with total production capacity of up to 12,500 kilograms annually. Production in this facility began in Q1 of 2020.
CPMD will issue 1.5 shares of CPMD for 1 share of GNV, equaling 5,506,645 shares of CPMD.
"We are thrilled that we have effected this transaction. We know GNV well and look forward to expanding our shareholder base to include these individuals," said Nick Colvin, CEO of CannaPharmaRX. "As we had indicated previously, we believe that strategic actions like these will allow us the ability to achieve the growth trajectory we have forecasted in our business model," 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 has recently completed an initial acquisition of a 48,500 square foot cannabis grow facility presently under development and is currently in discussion with other companies regarding potential acquisitions or business combinations. CannaPharmaRx's business strategy is to become a leader in high quality and low-cost production of cannabis in Canada through the development, acquisition and enhancement of existing facilities. CannaPharmaRx is presently targeting acquisitions of companies in the final stages of obtaining cannabis licensee applications or those which are nearing revenue generation. 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. CannaPharmaRx is in the process of completing an application to list its common stock on the Canadian Stock Exchange with initial trading anticipated to being during the third quarter of 2019.
Safe Harbor Statement
This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the Securities and Exchange Commission. Among other matters, CannaPharmaRx, Inc. may not be able to sustain growth or achieve profitability based upon many factors including, but not limited to, general stock market conditions. Reference is hereby made to cautionary statements set forth in the company's most recent SEC filings. We have incurred and will continue to incur significant expenses in our expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time.
Contact Information:
CannaPharmaRx Contact
Attention: Richard Brown
Ness Capital & Consulting
[email protected]
(978) 767-0048
SOURCE: CannaPharmaRx