CannaPharmaRx has completed a 20-year operating lease for a cannabis production facility in Cremona, Alberta.
The facility, formerly known as the Aurora Mountain facility, was Aurora Cannabis' first facility and was completed in 2015. The facility is a 55,200-square foot, 6,000-kg/year plant. The Aurora facility was billed as the world's first-ever custom-built cannabis grow site.
As the licenses and certifications are reissued, CannaPharmaRx will have EUGMP (European Union Good Manufacturing Practice and GACP (Good Agricultural Practice) certifications. EU GMP certification is the highest recognition available by companies in the pharmaceutical space. European Union Good Manufacturing Practices details the production, handling, storage, and packaging of cannabis. The EU GMP certification is the essential piece a company needs to "go global" with cannabis. The company may sell products from the facility in Europe and Israel and take the raw product from other facilities and trim, dry, and package and sell in the same markets.
The company anticipates completing the first harvest and sales during Q3 2022 with estimated annual revenue over $30 million from this facility. "This operating lease is a large accomplishment for the company and the first of many significant milestones we will accomplish during the current quarter," stated Nick Colvin, CEO of CannapharmaRx.
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