KELOWNA, British Columbia, November 14, 2016 /PRNewswire/ --
Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM) is pleased to provide an update on its operations in Nevada. Further to its news releases dated August 3, 2016, September 21, 2016, September 27, 2016, November 7, 2016, and November 9, 2016, Marapharm bought 5.9 acres of land in the Apex Industrial Park, in Las Vegas, Nevada, October, 2015. The actual location address is 13434 Apex Harbor Lane. Marapharm has since entered into an additional agreement to purchase 1.17 adjoining acres. Closing on this property is slated for the end of November, 2016. Three Special Use Permits (SUPs) have been approved by the City of North Las Vegas. SUPs are site specific, are non-transferrable, and allow these licenses to operate on this specific property. The medical marijuana provisional licenses are for different areas covering 204,000 square feet of cultivation, 70,000 square feet of cultivation, and 16,000 square feet of production (oils and edibles). Construction permitting is also approved. Two 5,000-square-foot starter buildings have been paid for and ordered from CECO Building Systems. The steel frame work is to be delivered on December 19, 2016, with the insulated panels to follow on December 21, 2016, and the building crew will begin assembly immediately. The starter buildings will be used for training staff and providing interim product to market. Marapharm has an experienced and competent team in place for the starter buildings as well as for the build out of more than 360,000 square feet of buildings (the equivalent of more than 6 football fields), to house up to approximately 300,000 square feet of cultivation and processing, all of which is pre-sold by way of an executed letter of intent with Cheyenne Medical, LLC (the "LOI"). The effective date of this agreement will commence commensurate with the date of the first harvest, estimated to be early in 2017, and shall run for a period of 12 months. The LOI provides for the purchase of specified cannabis products at prevailing market wholesale prices.
In addition to the medical market, as a result of the "Yes" vote, the new Nevada State recreational regulations provide the opportunity for present license holders to be the only applicants for an 18-month period, to apply for licensing opportunities pursuant to the recently approved recreational use initiative.
Some professionals on the Marapharm team include Rafael Construction, general contractor; Pacific Design Concepts, Design Team; JPL Engineering, Civil Engineer; Black Mountain Geotechnical, Geotechnical Engineer; Keagan Engineering, Structural Engineer; TERP, Fire Protection; and Phenofarm, Cultivation Design.
Marapharm Las Vegas, LLC ("Marapharm Las Vegas"), a wholly owned subsidiary of Marapharm, is the operating entity for Nevada. With regards to the finances, all deposits and development payments flow through the Marapharm Las Vegas bank account. Marapharm funds Marapharm Las Vegas as required. Today there is $275,000 USD in the Marapharm Las Vegas account, there are no checks outstanding, and Marapharm has $2,000,000 USD ready to advance, as required, in $300,000 USD tranches. Marapharm recently announced a $5,500,000 USD bond offering for its Nevada operations, which has been fully subscribed at this time. After the closing of the $5,500,000 USD bond offering, additional funds may be raised in the future by way of convertible debt securities. There is no assurance the offering will complete as stated herein, and the closing of the offering is subject to regulatory approval.
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.