CannaPharmaRx (OTCPK:CPMD) said it received Canada Revenue Agency (CRA) license which will enable it to start producing and selling cannabis.
CannaPharmaRx noted that a company can start producing cannabis products after receiving licensing from both the CRA and Health Canada. In December 2022, CannaPharmaRx received its cultivation license from Health Canada.
The company said that it is now authorized to grow cannabis and sell wholesale to other licensed producers in Canada.
CannaPharmaRx expects completing the first harvest during the current quarter with estimated annual revenue over $30M.
"The company is now preparing to grow its first two crops at the facility in Cremona. With a multi-million-dollar offtake agreement in negotiation and several strains of genetics for a variety of high-quality cannabis products the company is in position and prepared to enter the cannabis market," said CannaPharmaRx CEO Nick Colvin.