CannaPharmaRx Announces Payoff of Short-Term Debt

CannaPharmaRx, Inc. (OTC PINK: CPMD), a future leader in ultramodern, highly efficient cannabis production facilities in Canada, announced that they had satisfied the short-term convertible debt that was due to mature in Q3 2020.

The company had previously announced a 3 million dollar financing deal with Triton Funds. This financing, subject to SEC Form S-1, will enable the expansion of the acquisition and development phase, wherein multiple growth opportunities are being explored within the fields of genetics and cultivation.

“We are excited to have repaid this debt in full and eliminated the short-term debt that was due to potentially convert to stock if not paid back,” said Nick Colvin, CEO of CannaPharmaRx. “Maintaining a solid capital structure with minimal dilution is always responsible, but even more important as we begin to embark on our relationship with Triton,” added Colvin.

About CannaPharmaRx, Inc.

CannaPharmaRx is focused on the acquisition and development of state-of-the-art cannabis growth facilities located in Canada. CPMD owns a 48,500-square-foot cannabis growth facility presently under development and is currently discussing potential acquisitions with other companies. 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. CannaPharmaRx is in the process of completing an application to list its common stock on the Canadian Stock Exchange, with initial trading anticipated to be during the third quarter of 2020.

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.

View source version at accesswire.com

*Visit our website to learn more about our craft cannabis products.