KELOWNA, British Columbia, June 2, 2017 /PRNewswire/ --
Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) (FSE: 2MO) ('Marapharm' or the 'Company') (http://www.marapharm.com/) announces that the taxable transaction has been completed May 31, 2017 and that the State excise tax has been paid.
The licenses now qualify to submit an application for a recreational cultivation license and for a recreational production license and the applications have been officially submitted. Marapharm has paid $70,000 USD to the State for licenses and prepaid fees for approval. Combined fees paid for all licenses is $210,000 USD.
Medical marijuana licenses have been approved and issued for 2 cultivation licenses and 1 production license.
Marapharm announced on May 25, 2017 that the final and approved license in the State of Nevada allows it to grow and to sell cannabis, and to purchase plants from other licensed growers. Plants will be purchased immediately. Accordingly, in addition to the license to grow and sell medical marijuana, this license is now positioned to make application for recreational marijuana licensing. To qualify for this, a license holder is to complete a taxable transaction on or before May 31, 2017.
Marapharm announces that the taxable transaction was completed on May 31, 2017 and that the State excise tax has been paid. The license now qualifies to submit an application for a recreational cultivation license and the application has been officially submitted.
Marapharm has paid $95,000 USD to the City for business licenses and fees, and $55,000 USD to the State as prepaid approval fees.
About Marapharm Ventures Inc.
Marapharm has 300,000 square feet of medical marijuana licenses for its land and facilities in WA, NV and CA. About three 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.
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.
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.
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.
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SOURCE Marapharm Ventures Inc.