"The license holder also has an unlimited square footage processing license. Marapharm has a 9.000 square foot building alongside the cultivation center to be used as a processing facility. Applications for permits and regulatory approvals are underway. The facility will have Vitalis CO2 extraction equipment, a packaging center and a kitchen for edibles. The extraction equipment is designed to extract oil while maintaining the valuable terpene profile of each strain, and has a 90L capacity. The double chambers allow the equipment to operate without a down time during processing cycles. A menu of pre-approved edibles will be produced in the fully-equipped industrial kitchen. This turnkey designed facility will be a signature and highly functional space and is projected to produce revenues for the license holders of more than $2 million each month." Linda Sampson, Marapharm CEO.
February 12, 2017 Marapharm announced that it's subsidiary Marapharm Washington, LLC "Washington WA" had entered into an agreement to purchase 13.6 acres of industrial, highway frontage property located a few minutes south of the Canadian border for $4.2 million US. The transaction closes February 28, 2017.Previously, on June 16, 2016, the Company announced that it had concluded a deal for a lease of a 30,000 square foot building and an option to purchase 13.6 acres of industrial property located in Whatcom County, Washington State. Further, on August 17, 2016, Marapharm announced that Marapharm WA had closed on the purchase of the assets of a 30,000 square foot operating tier 3 marijuana cultivation and processing facility, located in Washington State and on September 27, 2016 and November 1, 2016 provided updates with regard to the Washington operations. Marapharm has been making lease payments on the property and has chosen to act on the option to purchase the land.
ABOUT MARAPHARM VENTURES INC.
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQB, in Europe, ticker symbol 2M0 on the FSE.
Marapharm has 300,000 square feet of medical marijuana licenses for it's 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 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 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. 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.
FOR FURTHER INFORMATION:
http://www.marapharm.com or Linda Sampson, CEO, +1-778-583-4476 firstname.lastname@example.org
SOURCE Marapharm Ventures Inc.