CannaPharmaRx Reports Q1 2024 Financial Performance

CannaPharmaRx, Inc. has announced its financial results for the first quarter of 2024, reporting revenues of $25,839, a significant increase from $0 in the same period in 2023. This marks the beginning of product sales, mainly from lower-quality, small-batch trial grows.

Operating expenses decreased to $352,786, down from $720,277 in Q1 2023. This reduction is attributed to decreased marketing costs, reduced payroll accruals to officers, and lower professional fees.

The company experienced a net loss of $11,594,301, mainly due to non-cash events like changes in the fair value of derivative liabilities and obligations to issue shares, both impacted by the rising share price.

Operationally, CannaPharmaRx received significant licenses from Health Canada and the CRA and aims to scale its production and revenue throughout FY2024. Strategic agreements, certifications, and product shipments indicate a robust path forward.