CannaPharmaRx Announces Payoff of Short-Term Debt10.9.2020
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.
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