Cannapharmarx Inc (OTCPK: CPMD) has entered into a multi-year supply agreement with ICAN Green S.A. de C.V., part of ICAN Investing Group LLC. This partnership aims to establish a robust distribution network across Latin America, with a keen focus on Mexico and Panama.
CannaPharmaRx, recognized for its cutting-edge cannabis production facilities, will supply ICAN with a range of cannabis products. This agreement mandates ICAN to meet minimum annual purchase requirements, underscoring the deal's magnitude for both entities.
ICAN, a pioneering force in the Latin American cannabis sector, specializes in the education, research, and development of cannabis-based medications. Notably, it stands as the first company to legally import THC API into Mexico, marking a historical milestone in the region's cannabis landscape.
CEOs Comment On Partnership
Dean Medwid, CEO of CannaPharmaRx, expressed enthusiasm about the partnership, calling it a pivotal step towards the company's international expansion strategy. "By securing this strategic partnership with ICAN, we continue to evolve our systematic international expansion strategy that will create diversity of revenue and allow us to introduce our high-quality products to an expanding global audience."
Erick Ponce, CEO of ICAN, mirrored this sentiment, emphasizing the partnership's role in transforming healthcare in Latin America through innovative cannabis solutions. "Our collaboration with CannaPharmaRx marks a crucial advancement in our journey to revolutionize patient care with high-quality, research-driven cannabis products," Ponce remarked.
With a commitment to utilizing the latest technology in power generation, CannaPharmaRx aims to establish itself as a low-cost cannabis producer, contributing significantly to the industry's growth and accessibility in Latin America and beyond.
CPMD Price Action
CPMD's shares were trading at $0.013 per share at the time of this writing around 9:30 AM ET Tuesday.