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Collaboration signed for up to $12 million of commercial cannabis

CannaPharmaRx, Inc. has signed a Memorandum of Understanding (MOU) with Israeli company Spring Medical Group Ltd. and its affiliates in Israel. The agreement sets forth a supply agreement and business collaboration between the two entities.

Under the terms of the agreement, CannaPharmaRx will cultivate commercial cannabis at its Cremona Facility in Canada, and Spring Medical Group will purchase the product for international distribution. The agreement shall be for three years and allows Spring the right to purchase up to 3,000kg of the product produced by CannaPharmaRx at the Production Facility for the duration of the term. The offtake agreement secures a market and revenue stream for CannapharmaRx and provides future output to Spring at defined price points. Production and delivery are expected to begin during 2022. Upon the contract being fulfilled to its maximum value, revenue will be between $8 - $12 million, depending on quantity and order timing discounts.

"As we finalize the beginning of production at the Cremona Facility, we now have customers and distribution across the globe," commented Nick Colvin, CEO of CannaPharmaRx.

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