Rafarma Announces the Cancellation of All Outstanding Preferred A Shares
Rafarma Pharmaceuticals, Inc. (OTC: RAFA) announces the cancellation of all outstanding Preferred Class A shares. On August 28th, 2019, The company’s Board of Directors unanimously voted to cancel the 30,000,000 previously-issued Class A Preferred Shares. The shares were cancelled and returned to treasury to remedy an unfulfilled asset pledge from several years ago. The company’s CEO Vladimir Dolgolenko stated that the restructure of shares will better position the company to accomplish current goals for possible mergers and acquisitions with certain European and Asian companies. Rafarma is poised and ready to embrace the incredible new expanding markets in Eastern Europe and South East Asia, and Thailand in particular, Mr. Dolgolenko says. Rafarma intends to expand into the southeast Asian markets where recent and future regulation laws have been or are expected to become more relaxed towards CBD and marijuana. Management believes Rafarma can be at the forefront of this relatively untouched area and ride the upswing in this burgeoning market. Mr. Dolgolenko stated "estimates for the cannabis industry in Asia are expected to grow to 8.5 billion by 2024. Rafarma is already in position, and with proper execution Rafarma will be able to capture a substantial share of the market in Asia.
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SOURCE: Rafarma Pharmaceuticals, Inc.