Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) announces that it has entered into an agreement to purchase an industrial facility in southern California and three (3) medical marijuana licenses for manufacturing, cultivation, and retail uses. The land size is 40,510 square feet and the existing building size is 6,875 square feet, with a 19-foot-ceiling clearance, for a purchase price of $3.2 million USD, based on $450 USD per square foot for the building and $65 USD per square foot for the land. The yard area is paved and suitable for greenhouse growing. The purchase is subject to, and contingent upon, completion of satisfactory due diligence, including background checks, and closing documentation for the issuances of the three (3) licenses to Marapharm within 120 days, with the closing to take place 120 days from the removal of contingencies.
Read the full Marapharm Press Release at: http://marketnewsupdates.com/news/mrphf.html
"We are really excited to have such a prize property as well as three licenses, and to be in the California market. The 'Yes' vote in California is significant for a number of reasons: (i) California, if it were a stand-alone state, would be the 6th largest economy in the world, with a population of 40 million people, and (ii) this decision means the entire West Coast of the United States has legalized recreational marijuana. Once Canada is legal, the West Coast all the way from Mexico to Alaska will be legal, so the opportunity is huge," says Linda Sampson, Marapharm CEO.
Marapharm has 300,000 square feet of medical marijuana licenses, land, and facilities in WA and NV and, about two and a half years ago, Marapharm applied in Canada to Health Canada for a MMPR (Production and Sales) license, having since passed the necessary security clearances. The application is currently in the in-depth screening process. In September 2016, Health Canada contacted Marapharm with a provision to amend its application to allow for the new regulations, known as ACMPR.
In other sector news and developments:
Terra Tech Corp. (OTCQX: TRTC), a vertically integrated cannabis-focused agriculture company, recently announced its third quarter 2016 financial results for the period ending September 30, 2016. Derek Peterson, Chief Executive Officer of Terra Tech, commented, "We are encouraged to see our strategy to expand Terra Tech's retail presence in core target markets drive top line growth, with revenues reaching $7.0 million in the third quarter of 2016, representing a 244% increase compared to the prior year period.
General Cannabis Corporation (OTCQB: CANN), the comprehensive resource to the regulated cannabis industry, will host a major presence at one of the marijuana industry's premier conferences of the year, the Marijuana Business Conference and Expo, in Las Vegas. Nearly all the General Cannabis' staff, management and executive team will present and highlight the company's services and business solutions to more than 7,500 industry leaders during the event, scheduled from November 16-18.
Cannabics Pharmaceuticals Inc. (OTC Pink: CNBX) closed up over 4% at $0.7885 by the market close. Cannabics Pharmaceuticals announced back in October that results from the company's latest cancer HTS research overtly conclude that, depending upon the THC/CBD ratio, specific Cannabis extracts are directly contributive to reducing U87MG glioblastoma cell viability. The Company expects that results on additional types of cancers will be attained during December 2016.
Aurora Cannabis Inc. (OTCQB: ACBFF) wholly owned subsidiary, CanvasRx, Canada's largest network of cannabis patient counseling centres, continues to expand its leadership in patient outreach and registration. CanvasRx has now helped over 13,000 patients register with Licensed Producers, including more than 2,500 patients registered with Aurora. This represents growth in patient registration in excess of 30% since being acquired by Aurora in August, 2016. CanvasRx now has 20 locations across Canada , including Edmonton and Calgary . Five more locations are planned to be opened before the end of 2016.
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