CALGARY, AB / ACCESSWIRE / April 19, 2023 / CannaPharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities announced today that it has signed a Memorandum of Understanding (MOU) with Spanish Company Nasha Genetics ("Nasha"). The business arrangement sets forth a cooperating relationship in the medical cannabis industry between the two entities.
Nasha Genetics owns intellectual property involved in certain genetics of cannabis strains. As Nasha expands export operations outside of Israel and into additional areas such as Europe, Thailand and the United States, they will partner with CannaPharmaRx. CannaPharmaRx will initiate the process of obtaining all appropriate licenses and approvals required in order to export medical cannabis grown in its facility, subject to Nasha placing purchase orders in a quantity of at least 400 KG designated to shipment to locations other than Israel.
Under the terms of the agreement, Nasha will supply the Genetics to CannaPharmaRx for use in its facility. The supplied Genetics will have the ability to generate THC rich varieties, at least 20% THC, of grade A+ quality cannabis dried flowers. Nasha will bear the costs involved in the delivery of the genetics and be solely responsible for the safe delivery of the genetics to the facility. CannaPharmaRx and its experienced professional team will grow cannabis flowers in its facility, using one or more strains from the Genetics selected solely by Nasha and Nasha will purchase the flowers from them. CannaPharmaRx will initiate the growing process of the flowers within 10 days of receiving the Genetics and a purchase order from Nasha.
The Term during which CannaPharmaRx will grow the flowers and Nasha will purchase them, subject to the provisions of this MOU, will last 7.5 (seven and a half) years. It is anticipated that a definitive agreement pursuant to this MOU will be finalized within 45 days.
"We continue to build an international brand for our product. Nasha will offer unique high-quality strains that we will be able to cultivated and deliver for distribution in several new countries. We are growing our customers and distribution worldwide," commented Nick Colvin, CEO of CannaPharmaRx.
About Nasha Genetics
Nasha Genetics provides the most exclusive and exotic seed strains on the market, focusing on quality of origins. The company has professional breeders bringing you the best feminized seeds from exotic and exclusive genetics.
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.
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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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