CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities, announced today that it had signed a Letter of Intent (LOI) to purchase an operating Cannabis facility located in Braman, Oklahoma.
The property consists of 35,000 square feet of cultivation capacity, with a planned, phased expansion to 65,000 square feet, by the end of 2022 and up to five harvests per year. The purchase will be completed via a secure note and will include the transfer of licenses. The transaction is expected to close prior to March 31, 2022.
The facility has ongoing growth and sales operations, and should the deal be finalized, CannapharmaRx will realize the first harvest and sales from this property upon closing. The estimated annual revenue is approximately $21 million. Between the current Cremona facility and this facility, the Company anticipates combined annual revenues of $40 – $50 million.
The Company, in addition to existing sales in Oklahoma, has received oral commitments for off-take agreements for both facilities and should finalize these deals prior to harvesting.
About CannapharmaRx, Inc.
CannapharmaRx is focused on the acquisition and development of state-of-the-art cannabis growth facilities in Canada. CPMD is in discussions with other companies regarding potential acquisitions. CannapharmaRx’s business strategy is to become a leader in the 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 we are a low-cost producer of cannabis.
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