CALGARY, AB / ACCESSWIRE / December 2, 2020 / CannaPharmaRx, Inc. (OTC PINK:CPMD) a future leader in ultramodern, highly efficient cannabis production facilities in Canada announced today a $4 million stock purchase agreement between CannaPharmaRx and Granite Global Value Investments (GGVI).
The financing will provide CannaPharmaRx the capability to pursue acquisition opportunities that have recently become available in multiple Canadian provinces. Subject to terms and conditions, GGVI will invest $4,000,000 into CannaPharmaRx solely at the discretion of CannaPharmaRx.
'We are pleased to have found such favorable financing as we begin to engage recently discovered opportunities that will complement our existing businesses,' said Nick Colvin, CEO of CannaPharmaRx. 'Maintaining a strong capital structure is imperative for any publicly traded company and we feel this financing provides us the capability to maneuver appropriately, while being in complete control of the equity purchases made by our financial partner,' added Colvin.
'CannaPharmaRx represents a valuable investment opportunity for Granite Ridge Capital,' says Tony Toffolon, Portfolio Manager for Granite Ridge Capital Partners. 'We feel that their model for acquiring undervalued assets provides the perfect long-term working relationship between CannaPharmaRx and Granite Capital. We hope to be integral in helping fund many of their future endeavors,' added Toffolon.
About CannapharmaRx, Inc.
CannaPharmaRx is focused on the acquisition and development of state-of-the-art cannabis grow facilities located in Canada. CPMD owns a 48,500 square foot cannabis grow facility presently under development and is currently in discussion with other companies regarding potential acquisitions. CannapharmaRx's business strategy is to become a leader in 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 being a low-cost producer of cannabis.
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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.
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