Thu, May 16, 7:48 PM (71 days ago)
CannaPharmaRX, Inc. (CPRX) reported its financial performance for the fiscal year ended December 31, 2023. The company, focusing on cannabis cultivation projects in Canada, recommissioned a 55,000 sq ft indoor cannabis farm and secured necessary licenses from Health Canada and the Canada Revenue Agency in late 2022. Despite no revenue generation, CPRX reported a net income of $3.7 million, primarily due to a $7.5 million gain on loan dissolution. Operating expenses decreased by $3.6 million to $1.6 million, attributed to reduced advertising, payroll, and professional fees. The company raised $213,750 through convertible debentures and converted $222,096 of debt into common shares. Future outlook includes further capital raising and potential acquisitions to support growth, though significant risks such as regulatory changes and financial uncertainties persist.