CannaPharmaRx Receives Multiple Purchase Orders and Begins Delivery of Product
Rhea-AI Summary
CannaPharmaRx (OTC PINK:CPMD) has received three purchase orders for a total of 600KG of cannabis from Cantek Holdings, an Israeli leader in medical cannabis processing and distribution. The company has begun delivering product, with the first 150KG shipment already sold out in Israel. CannaPharmaRx's Cremona facility produces over 1000 KG of high-quality cannabis quarterly, with regular harvests of about 100KG every two to three weeks.
The company has completed fifteen grows and is preparing additional inventory for shipment. Future orders are expected once or twice monthly. CannaPharmaRx plans to expand its market reach to Europe and Latin America in Q4 2024, capitalizing on its recent successes and strategic positioning in major global cannabis markets.
Positive
- Received three purchase orders totaling 600KG of cannabis from Cantek Holdings
- First shipment of 150KG sold out quickly in Israel
- Cremona facility produces over 1000 KG of high-quality cannabis quarterly
- Completed fifteen grows, each yielding about 100KG
- Expects regular orders once or twice monthly
- Plans to expand to European and Latin American markets in Q4 2024
Negative
- None.
News Market Reaction
On the day this news was published, CPMD declined 4.76%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
CALGARY, AB / ACCESSWIRE / August 15, 2024 / CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities announced today that it has received three purchase orders for cannabis, for a total of 600KG, from Cantek Holdings. These orders are related to a previously announced supply agreement, and we are happy to announce that the market has proven to be pleased with our quality craft growing methodologies. It is anticipated that CannaPharmaRx will continue to receive orders once or twice monthly moving forward. Cantek has positioned itself as one of Israel's leaders in the processing and distribution of medical cannabis.
CannaPharmaRx continues to utilize its Cremona facility to grow and harvest more than 1000 KG of high-quality cannabis each quarter. The company has completed fifteen grows, each about 100KG, and is cutting, drying and packaging additional inventory for shipment every two to three weeks. The cannabis is then shipped to end customers as these regular orders occur. The first shipment of 150KG occurred several weeks ago, cleared Israeli customs and was received by Cantek only to be sold out in a matter of days. Also in route are an additional 150KG with a 300KG order ready to go and currently awaiting its final export license.
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 drugstore chains, distribution companies, clinics and is deeply involved with Israel's growing medical cannabis patient community. Recently passed legislation should deepen this connection and significantly grow the medical cannabis industry.
The company expects to ship to additional partners in Europe and Latin America during Q4 2024. 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.
Please visit www.cannapharmarx.com for additional information about our company and products
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.
Safe Harbor Statement
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
View the original press release on accesswire.com
FAQ
What is the total amount of cannabis ordered from CannaPharmaRx (CPMD) in the recent purchase orders?
How much cannabis does CannaPharmaRx's (CPMD) Cremona facility produce quarterly?
When does CannaPharmaRx (CPMD) plan to expand its cannabis market to Europe and Latin America?
How often does CannaPharmaRx (CPMD) harvest cannabis at its Cremona facility?
