CALGARY, AB / ACCESSWIRE / February 15, 2024 / Cannapharmarx, Inc.
Dear Fellow Shareholders,
We are paving the way for a remarkable year capitalizing on the solid foundation achieved last year. 2023 was an exciting and pivotal year for CannaPharmaRx (OTC PINK:CPMD), marked by many strong and significant accomplishments.
The global cannabis industry is projected to grow from $57 billion in 2023 to $444 billion by 2030, exhibiting a CAGR of 34.03% during the forecast period. We look forward to becoming one of the fastest growing companies in this industry. During 2024, the company is striving to surpass $10 million CDN in revenue with distribution to multiple continents with premier and unique craft products.
CannaPharmaRx is committed to becoming a leader in the state-of-the-art cannabis grow facilities. Since I took over in June 2023, the company has accomplished many of the elements required to achieve this goal. In 2024, I will help guide the company through its rapid growth phase. As a successful entrepreneur and senior operations executive with more than thirty-five years of experience in both the public and private markets, my focus is on bringing scalable engineering and brand development processes to the company. Through strategic partnerships and multiple distribution deals the company anticipates all products to be pre-sold.
In 2023 we have strengthened the board, navigated the licensing processes, started growing product(s) and became current in our filings. I have added board members including Anthony Panek, a corporate mergers and acquisitions attorney with expertise in capital raising formation and growing businesses and Adam Mindle, a transactional attorney with extensive experience in structuring, negotiating, and documenting sophisticated joint ventures and mergers and acquisitions in a variety of industries. Both will help immensely as we execute on our growth formula that will help drive us to $40-$50 million in revenue over the next few years.
During 2024 we expect to develop a consistent cadence of growing, harvesting, cultivating, and delivering world class products on a regular basis. We anticipate beginning to see a strong and accelerated revenue ramp later this quarter and to become cash flow positive by mid-year.
We currently have an operational 55,000 square foot facility which we anticipate functioning near maximum capacity in the near term. Our ten growing rooms are each capable of producing approximately $2 million in annual revenue and there is room for expansion.
CannaPharmaRx's business strategy is to focus on international sales with high gross margin products, resulting in greater profitability utilizing our sophisticated, state-of-the-art facility located in Cremona, Alberta. Our strengths will include growing on demand against purchase contracts, smart inventory management resulting in high turnover and regular deliveries, collaborating with international partners on multiple continents and development of proprietary online, data-driven technology.
During the past year we have leapt forward in dramatic ways toward achieving our objectives. Thanks to our employees, our partners, and our directors who share a common vision, we are now ready to enter the marketplace in a formidable way. We have made significant strides in formulating and executing our business model. We are encouraged by the partners and customers who have joined us and those currently expressing interest.
We have several priorities in 2024 which include achieving regular plantings, staggering production so that we are constantly harvesting and delivering high quality product(s) to multiple sources. We realize the importance of consistent and timely communication with our stakeholders, and you should see dramatic improvement in this area.
As a result of our strategies our current growth goals include:
- Delivering the first of several harvests during Q1 and early Q2
- Increasing our strategic partner network
- Receiving our EU license (GMP) to allow us to expand distribution.
- Expanding our customer network
- Becoming a world leader in unique genetic strains - currently over 500 desirable strains developed and owned by CannaPharmaRx.
- Continuing to improve our balance sheet
As many of you may know, I have led numerous companies including others in this industry. I am as excited about this company and our competitive advantages. My number one job in 2024 is to increase shareholder value. This year should be a year that distinguishes our company and benefits our investors.
We are grateful for your support, the vision you share for our future, and we remain ever more committed to our goal of becoming one of the more successful companies in our industry with a strong eye on maximizing profitability.
About CannapharmaRx, Inc.
CannapharmaRx is focused on the acquisition and development of state-of-the-art cannabis grow facilities in Canada. CPMD is 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.
Safe Harbor Statement
Cautionary Note Regarding Forward-Looking Information or Statements
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.
Contact Information:
Brokers and Analysts
Chesapeake Group
(410) 825-3930
SOURCE: Cannapharmarx, Inc.
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