KELOWNA, British Columbia, May 2, 2017 /PRNewswire/ --
Marapharm (MRPHF) announces that it has entered into an agreement to purchase 7.02 acres located in Desert Hot Springs, CA and that the development has an approved CUP for 102,125 square feet of cannabis cultivation and processing. The purchase price is $2.5 million USD. The agreement is contingent for 60 days, for approval of up to 40,000 square feet of interim facilities, for trailer pods to be brought to the property for interim growing before construction. An interim plan for cultivation was previously approved by the City but was not continued. MSA Consulting Inc. is contracted to renew the process.
Marapharm announced April 17, 2017 that it purchased, without contingencies, 1.22 acres of property located in Desert Hot Springs, CA, zoned industrial and approved for a CUP of 29,193 square feet, for cultivation and processing. Items which are completed in the development process include the required orientation meeting, development agreement, conditional use permit, preliminary review (street improvements, water retention and capacity, utilities, setbacks, grading, fore suppression, fences, walls, etc.), agreement submissions, application preparations submissions, architecture and landscape review, environmental submissions and review, city attorney review, planning commission approvals, city council and several other steps.
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 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.
Construction photos and videos can be accessed through the Marapharm website. Marapharms 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.
SOURCE Marapharm Ventures Inc.