CannaPharmaRX, Inc. Announces Non-Dilutive Commitment Financing for Assets and Facilities Located in Cremona, AB
January 23, 2021 at 02:26 am IST
CannapharmaRx, Inc. announced that it has secured a commitment letter for twelve million dollars ($12,000,000) for the recently announced purchase of the cannabis cultivation and production business located at, and operated out of Cremona, Alberta and other acquisitions of cannabis cultivation and production facilities. The loan, which is fully collateralized by the facilities, will provide CannapharmaRx with the capital to complete the purchase of the 55,200 square foot facility, which is capable of producing 5,200 kilograms of cannabis biomass per year. As previously announced in the Form 8-K and Press Release released on January 12, 2021, the facility currently holds Health Canada licenses for cultivation and sales, as well as EU GMP Certification that CannapharmaRx will apply for upon the closing of this transaction.