SOURCE: CannaPharmaRx, Inc.

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February 12, 2015 09:04 ET

CannaPharmaRx Appoints Christopher P. Schnittker, CPA as Chief Financial Officer

Gary Herick, Former Interim CFO, to Remain on Board

CARNEYS POINT, NJ--(Marketwired - February 12, 2015) - CannaPharmaRx, Inc. (OTCQB: GDHC), the New Jersey-based pharmaceutical company, today announced that Christopher P. Schnittker, CPA has joined the company as its Chief Financial Officer, replacing Gary Herick, who will remain on the Board of Directors and as an employee in the role of Director of Finance. Gary's primary focus will remain on raising capital and investor relations.

Mr. Schnittker comes to CannaPharmaRx with more than 25 years of operations, financial management, SEC reporting, capital raising, Sarbanes Oxley, and corporate governance experience in the Life Sciences arena with rapidly growing technology-based companies. He has spent the past 15 years at the CFO level with public (Nasdaq-listed and OTC) and private companies across the specialty pharmaceutical, biotechnology and medical device industries and has substantial experience with reverse mergers and exchange uplistings. Chris brings valuable experience gained by raising more than $750 million in capital over his career across more than 30 private and public equity and debt transactions, as well as his day-to-day interactions with research, development, regulatory and commercialization senior management, multiple in/out-licensing partners, boards of directors and the investor and banking community. Prior to joining CannaPharmaRx, Chris has held the CFO role at Cambrooke Therapeutics, Echo Therapeutics, Soligenix, VioQuest Pharmaceuticals, Micromet, Cytogen and Genaera. He began his career with PricewaterhouseCoopers upon graduating from Lafayette College with a BA degree in Economics & Business. He is a Certified Public Accountant with an active license in the State of New Jersey.

"We are excited to bring Chris on board as CFO in this stage of our growth and welcome him to the management team. His capital raising, SEC reporting, and financial and operations experience at entrepreneurial, development-stage companies should prove very valuable to us as we continue to expand and invest further in drug development and M&A activity," said Gerry Crocker, Chief Executive Officer of CannaPharmaRx, Inc.

About CannaPharmaRx
Our purpose is to innovate to bring cannabinoid-based therapies to market that improve patients' lives. R&D is at the heart of our mission as we work to transform advanced science and technologies into the therapies that matter most. Our executive management team has over 100 years of combined pharmaceutical industry experience developing and marketing prescription products. For more information, please visit www.CannaPharmaRx.com

Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated," and "intend," among others. These forward-looking statements are based on CannaPharmaRx's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; uncertainties of government or fourth party payer reimbursement; limited sales and marketing efforts and dependence upon fourth parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any pharmaceutical products under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that future clinical trials discussed in this press release will be completed or successful or that any product will receive regulatory approval for any indication or prove to be commercially successful. CannaPharmaRx does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in CannaPharmaRx's private placement agreement and Form 10-Q as of September 30, 2014 and other periodic reports filed with the Securities and Exchange Commission.

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