KELOWNA, British Columbia, April 3, 2017 /PRNewswire/ --
Marapharm (OTCQB: MRPHF) (CSE: MDM) (FSE: 2M0) is pleased to announce that it has entered into an agreement with AlphaPheno Inc. ("Alpha") of Washington state to build a laboratory on the 13.6-acre-site of Marapharm's property. Alpha, in conjunction with Veritas Pharma Inc., an emerging discovery and IP development company, will enter into a joint venture arrangement for the research and development ("R&D") business. Alpha holds a Tier 3 cultivation and processing license and therefore is permitted to apply for and hold an R&D license. With an extensive list of cannabis genetics and existing cultivation space, Alpha is applying for a marijuana research license to leverage the synergy with Veritas in the U.S. market. The agreement is conditional on acceptance of the application. The license will provide the holder with the ability to produce, process, and possess marijuana to test chemical potency and composition levels, to conduct clinical investigations of marijuana-derived drug products, to conduct research on the efficacy and safety of administering marijuana as part of medical treatment, and to conduct genomic and or agriculture research. Veritas will provide the R&D thesis, programs, equipment, and laboratory standards and protocol for a focused R&D approach. Veritas will also determine the key qualified personnel required to execute these programs. A new laboratory will be constructed within Marapharm's buildings, which are occupied by Alpha.
"The R&D laboratory will be a welcome addition to the cannabis campus and is a reason for other cannabis businesses to look to us for a facility. Veritas, (VRT and VRTHF), is a public company, of which Marapharm owns 15 million shares, so entering into a joint venture with Veritas represents another level of commitment", said Linda Sampson, Marapharm's CEO.
ABOUT MARAPHARM VENTURES INC.
Construction photos and videos can be accessed through the Marapharm website. Marapharm's common shares are publicly traded in Canada, under the ticker symbol "MDM" on the Canadian Securities Exchange, and in the United States, under the ticker symbol "MRPHF" on the OTCQB, and in Europe, under the ticker symbol "2M0" on the FSE.
Marapharm has 300,000 square feet of medical marijuana licenses for its land and facilities in WA and NV. About two and a half years ago, Marapharm applied in Canada to Health Canada for a MMPR (production and sales) license and has 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, ACMPR.
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 the SEDAR website (http://www.sedar.com) under the profile for Marapharm Ventures Inc.
Neither the CSE, the FSE nor the OTCQB® has approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQB® accepts responsibility for the adequacy or accuracy of this release.
FORWARD - LOOKING STATEMENTS:
Certain statements contained in this news release constitute forward-looking statements, specifically with respect to the proposed joint venture arrangement with AlphaPheno Inc. and Veritas Pharma Inc. and the construction of a laboratory on Marapharm's Washington property. 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. Specifically, Marapharm may not be able to complete the construction of the laboratory on the terms proposed and there is no assurance the joint venture arrangement will proceed to completion or be successful.
FOR FURTHER INFORMATION:
SOURCE Marapharm Ventures Inc.