KELOWNA, British Columbia, March 8, 2017 /PRNewswire/ --
(OTCQB: MRPHF) (CSE: MDM)
"Publicly traded marijuana companies shares took a dive in value Wednesday after the Canadian government on legalization cautioned that they will take it's time on the move into recreational use. Accordingly companies in the sector saw their market values plunge from about 15% to 30% with a combined market loss of close to a billion dollars. Our market cap decreased by close to $30 million but it did recover towards the end of the day. We want shareholders to understand that while we made application to Health Canada for a marijuana license this was more than 3 years ago and while we are hopeful it will be dealt with some day, our focus is on the United States market. We own 6 marijuana licenses in the state of Nevada alone and we own 2 buildings and 7 acres of land, all clear title. At the present time the legalization of marijuana in Canada has no impact or influence on our business operations whatsoever." Linda Sampson, Marapharm CEO.
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.
SOURCE Marapharm Ventures Inc.