- CannaPharmaRx is in the process of acquiring, funding and developing three significant cannabis cultivation sites in Ontario and British Columbia
- The company’s agreements with the facilities’ owners grant it access to cultivation sites that could return close to 300,000 pounds of product per year
- The global cannabis cultivation industry is expected to become a nearly $155 billion market by 2026
Real estate investment and early-stage pharmaceutical company CannaPharmaRx Inc. (OTC: CPMD) is advancing its plans to become a cannabis cultivator using proprietary formulation and drug delivery technology currently in development to expand in an industry that is evolving at an aggressive pace. Analysts at ResearchandMarkets.com measured global cannabis sales at $10.39 billion in 2017 and are predicting a CAGR of 35 percent to $154.82 billion by 2026 (http://cnw.fm/Yf42B).
During the past year, CannaPharmaRx has completed agreements that will grant it a 48,750-square-foot cannabis grow facility in Hanover, Ontario; a 60,000-square-foot cannabis cultivation and grow facility in Stevensville, Ontario; and a 759,000-square-foot cannabis grow facility in Okanagan Falls, British Columbia, once funding to complete construction of the facilities is established.
The Stevensville facility is the first of the projects to be completed, but final acquisition depends upon CannaPharmaRx’s strategy to obtain all of the facility owner’s stock. Additional purchases of stock from other shareholders in the company, GN Ventures Ltd., are expected to be completed this year.
The Hanover facility is the next furthest along in development at this point. Exterior construction of the building has been completed, but interior construction has yet to begin. Once the facility is completed, it will contain up to 20 separate growing rooms with a projected annual production capacity of 9,500 kilograms of cannabis (20,900 pounds), according to CannaPharmaRx (http://cnw.fm/b3ibC). Completion of the build-out of the facility is expected to take an estimated 20 weeks.
The Hanover facility was acquired through an agreement with Alternative Medical Solutions Inc. (AMS) in November. AMS has filed a cultivation application with Health Canada, which requires completion of the building as part of a phased approach toward finalizing the license.
The Okanagan Falls facility is still in the early stages of construction. It was acquired through a securities purchase agreement with Sunniva Inc. for a 116-acre parcel of land. Plans for the facility call for a two-phase development. The first phase is to construct 458,000 square feet comprising eight separate growing rooms expected to produce 60,000 kilograms (120,000 pounds) of cannabis flower per year. The second phase would involve an additional 301,000 square feet with similar production estimates.
Completion of the phase one buildout is expected to take 12 months, once financing is finalized.
“We are excited to have reached an agreement to purchase this property from Sunniva,” CEO Dominic Colvin stated in a June news release (http://cnw.fm/mj9MG). “The acquisition and development of the Okanagan Falls property, combined with our Hanover, Ontario, property and ownership interest in GN Ventures Ltd., sets the stage for the next step in CannaPharmaRx’s growth strategy to become a significant player in the Canadian cannabis industry while continuing to strive to maximize shareholder value.”
CannaPharmaRx is also working toward a public listing on a Canadian stock exchange later this year (http://cnw.fm/8ZyDz).
For more information, visit the company’s website at www.CannaPharmaRx.com
About CanadianCannabisWire
CanadianCannabisWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.canadiancannabiswire.com
Please see full terms of use and disclaimers on the CanadianCannabisWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer
Do you have a questions or are you interested in working with CNW? Ask our Editor
CanadianCannabisWire (CNW)
Toronto, Ontario
www.canadiancannabiswire.com
905.674.5977 Office
Editor@CanadianCannabisWire.com
