A company can start producing cannabis products after receiving licensing from both the CRA and Health Canada. CannaPharmaRx can now begin business activities relating to the production and sale of cannabis. The license is valid for up to two years.
CannaPharmaRx is now authorized to grow cannabis and sell it wholesale to other licensed producers throughout Canada. The CRA oversees the regulation of cannabis products, including the production, possession, removal, sale, and distribution of cannabis, as well as imposing proper excise duties and taxes on cannabis products.
Now that both licenses are approved, the company anticipates completing the first harvest during the current quarter with estimated annual revenue over $30 million.
"The company is now preparing to grow its first two crops at the facility in Cremona. With a multi-million-dollar offtake agreement in negotiation and several strains of genetics for a variety of high-quality cannabis products, the company is in a position and prepared to enter the cannabis market. The first harvest and distribution is expected to be completed during the first quarter of 2023 with rapid revenue expansion," stated Nick Colvin, CEO of CannaPharmaRx.
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