CannaPharmaRx is advancing its plans to become a cannabis cultivator using proprietary formulation and drug delivery technology currently in development to expand in an industry that is evolving at an aggressive pace.
According to them, during the past year, CannaPharmaRx has completed agreements that will grant it a 48,750-square-foot cannabis grow facility in Hanover, Ontario; a 60,000-square-foot cannabis cultivation and grow facility in Stevensville, Ontario; and a 759,000-square-foot cannabis grow facility in Okanagan Falls, British Columbia, once funding to complete construction of the facilities is established.
The Stevensville facility is the first of the projects to be completed, but final acquisition depends upon CannaPharmaRx’s strategy to obtain all of the facility owner’s stock. Additional purchases of stock from other shareholders in the company, GN Ventures Ltd., are expected to be completed this year.
"The Hanover facility is the next furthest along in development at this point," the team with the company explains. "Exterior construction of the building has been completed, but interior construction has yet to begin. Once the facility is completed, it will contain up to 20 separate growing rooms with a projected annual production capacity of 9,500 kilograms of cannabis (20,900 pounds). Completion of the build-out of the facility is expected to take an estimated 20 weeks."
The Hanover facility was acquired through an agreement with Alternative Medical Solutions Inc. (AMS) in November. AMS has filed a cultivation application with Health Canada, which requires completion of the building as part of a phased approach toward finalizing the license.
"The Okanagan Falls facility is still in the early stages of construction. It was acquired through a securities purchase agreement with Sunniva Inc. for a 116-acre parcel of land. Plans for the facility call for a two-phase development. The first phase is to construct 458,000 square feet comprising eight separate growing rooms expected to produce 60,000 kilograms (120,000 pounds) of cannabis flower per year. The second phase would involve an additional 301,000 square feet with similar production estimates."
Completion of the phase one buildout is expected to take 12 months, once financing is finalized.
“The acquisition and development of the Okanagan Falls property, combined with our Hanover, Ontario, property and ownership interest in GN Ventures Ltd., sets the stage for the next step in CannaPharmaRx’s growth strategy to become a significant player in the Canadian cannabis industry," CEO Dominic Colvin states.
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