KELOWNA, British Columbia, October 26, 2016 /PRNewswire/ --
Marapharm Ventures Inc. ("Marapharm" or the " Company") MARAPHARM VENTURES INC. (OTCQB: MRPHF), (CSE: MDM), (FSE: 2M0) (http://www.marapharm.com/) announces several key developments in its wholly owned US subsidiary in Las Vegas, Nevada.
LAS VEGAS, NEVADA
- 3 Medical Marijuana Licenses.
- Total square footage of all licenses ~approx. 300,000 sq' including a 16,000sq' processing license.
- Special Use Permits have been granted for all three licenses on 5.9 acres owned by Marapharm Las Vegas LLC.
- Site work has begun, buildings are ordered, erection crew is hired
- Nevada Marijuana Legalization Initiative (also known as "Question 2") on ballot November 8, 2016, for the legalization of recreational marijuana.
- All production at this facility is under contract to a group of dispensaries in Las Vegas.
In Nevada, the Company has completed a land acquisition; the Company paid $1,000,000US for the land, the option to purchase a license associated with the property, a business plan, and proposed facility drawings. Subsequently, the company has entered into negotiations to purchase an additional 1.1 acres, for a total of 7 acres.
In addition to this acquisition, the Company entered into a separate opportunity for two further licenses for $600,000US to be added to the license portfolio; one for cultivation and the other for processing. The total square footage of all pending licenses will be approximately 300,000sq', including a 16,000sq' processing license. The plan is to merge all 3 licenses onto the 7 acre parcel and operate as a cannabis campus. The special use permits, allowing all three licenses to operate from that property, have been approved by the City of North Las Vegas.
For the reader's information, statistics from December 2015 show that only 25 cultivation facilities, 9 dispensaries and 6 production facilities are operational in the whole state of Nevada.
Nevada Marijuana Legalization Initiative (referendum) for recreational use is on the November 8, 2016 ballot in Nevada. It is highly anticipated that once Nevada votes, in November, whether to legalize marijuana for recreational use, the Silver State will join the ever growing state list for recreationally approved cannabis use.
The Company believes that it is well positioned in Canada and the USA to develop a future in marijuana related industries. Management's business model is to work toward acquiring and purchasing licenses and facilities in strategic locations. Management also remains committed to providing other synergies and products for people to increase their overall quality of life. The Company is optimistic about its chances to capitalize on opportunities in and profiting from the dynamic nature of the relatively new medical and recreational marijuana industry both in Canada and the United States.
ABOUT MARAPHARM VENTURES INC.
Additional information on the operations or financial results of Marapharm are included in reports on file with applicable securities regulatory authorities and may be accessed through the CSE website (http://www.thecse.com), the OTC website (http://www.otcmarkets.com) and Sedar website (http://www.sedar.com) under the profile for Marapharm Ventures Inc.
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FORWARD - LOOKING STATEMENTS:
Certain statements contained in this news release constitute forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.
SOURCE Marapharm Ventures Inc.