 Receives Cultivation License from Heath Canada, $30 Million in Revenues Projected over 12 Months){kind=link}
$30 Million in Revenues Projected over 12 Months
CannaPharmaRx ( OTCMKTS: CPMD ) announced on December 22nd, 2022, that Health Canada has awarded a cultivation license to the Company. As an outcome, CannaPharmaRx can now officially grow cannabis and vend its produce to other licensed manufacturers and licensed suppliers throughout Canada.
Health Canada is the sector of the federal government of Canada accountable for countrywide health policy. They approve and manage the production of all cannabis crops and are the licensing authority for all businesses involved in the cannabis industry. Health Canada necessitates that all cannabis products meet federal regulatory requirements before it is retailed in Canada. The original license, denominated LIC-3JCQW6DIU0, is one of the final steps before production. This kind of typical cultivation license is a requirement for licensed cannabis cultivators wanting to build and cultivate in a significant facility to increase their enterprise.
Approval of the cultivation license permits the Company to rationally plan the completion of their primary harvest and start sales from the harvest in Q1 of 2023, resulting in projected twelve-month revenues of $30 million.
Nick Colvin CannaPharmaRx ( OTCMKTS: CPMD ) CEO stated that the Company’s facility in Cremona is closing arrangements to open shortly. Equipped with their new cultivation license, the rights to numerous genetic strains, and a very profitable offtake contract, they are primed to enter the cannabis market. They continue on track to finish their first harvest and begin delivery during the coming months. They anticipate these aspects to yield revenue growth over the next year rapidly.
As we see the sector mature in Canada and as advances in legislation continue to move forward in the US, there is an assortment of indicators hinting at more robust sales over the short and long term. This is particularly true as we see different competitive genetics and growing methods push the price down and the quality up, something that remains a problem for enticing consumers away from the legacy market but is gradually being talked about by the development of the legal market.