PALM BEACH, Florida, November 29, 2016 /PRNewswire/ --
As the legal marijuana industry continues to see high levels of competition within the marketplace, Cannabis operators in the sector are executing strategies by developing innovative services and products as well as acquiring resources and other assets to leverage the substance's momentum behind increased legalization after the recent election season. Active in the cannabis sector this week include: Marapharm Ventures Inc. (OTC: MRPHF), General Cannabis Corp. (OTC: CANN), GrowBlox Sciences, Inc. (OTC: GBLX), Surna Inc. (OTC: SRNA) and Medical Marijuana, Inc. (OTC: MJNA).
Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) announces the purchase of the remaining 25% equity interest in EcoNevada, LLC, ("EcoNevada"), a private company based in Las Vegas, Nevada, such that Marapharm now owns 100% of the issued and outstanding shares of EcoNevada. EcoNevada has provisional marijuana licenses and special use permits over 204,000 square feet of cultivation and 16,000 square feet of production. Read this full Press Releases and recent news for Marapharm at http://marketnewsupdates.com/news/mrphf.html
"We have now completed the deal which was made a year ago, when we purchased control of EcoNevada. The price for the minority position of 25% was 100,000 shares of Marapharm, as agreed to in the original transaction, to suit the needs of the sellers for tax and other reasons. Since recreational use of marijuana has been legalized in the state of Nevada, EcoNevada has increased in value to Marapharm, both as an asset and as a main vehicle to drive revenue in Nevada." said Linda Sampson, CEO of Marapharm.
"We just bought the adjoining 1.1 acres to the 5.9 acres we acquired, in order to accommodate parking requirements from the City of North Las Vegas to allow for the three licenses to be consolidated on one property," added Linda Sampson. In addition, further to its November 23, 2016, news release, Marapharm reports it is in advanced discussions with several large casinos in Las Vegas for the placement of automated cannabis machines (ACMs) in casinos. It is proposed that the ACMs will stock and only sell Marapharm products from its 380,000-square-foot facility located in Las Vegas. There is no guarantee that such discussions will result in any agreements or be fruitful or beneficial to Marapharm.
Marijuana/Cannabis sector performances of note yesterday include:
General Cannabis Corp. (OTCQB: CANN) closed up over 10% at $3.43 by the market close on Monday. General Cannabis provides services to the regulated cannabis industry in the United States. The company engages in the acquisition and leasing of cultivation space and related facilities to licensed marijuana growers and dispensary owners.
GrowBlox Sciences, Inc. (OTCQB: GBLX) closed up over 2% at $0.35 on Monday trading over 750,000 shares by the market close. Growblox Sciences, through its subsidiaries, focuses on the research and development of medical cannabis drugs and treatments. The company produces measurable medical-grade cannabis, cannabis concentrates, and cannabinoid therapies through using various technologies in plant biology, cultivation, and extraction techniques.
Surna Inc. (OTCQB: SRNA) closed up over 12% at $0.16 on Monday trading over 1.1 Million shares traded by the market close. Surna is a technology company that engineers equipment for controlled environment agriculture (CEA) with special expertise in cannabis cultivation.
Medical Marijuana, Inc. (OTC: MJNA) closed up over 3% on Monday closing at $0.1177 trading over 26.3 Million shares by the market close. Medical Marijuana announced yesterday that its subsidiary HempMeds® Mexico, the first and only company with approval from COFEPRIS to legally import a cannabis product into Mexico, has begun distributing Real Scientific Hemp Oil™ (RSHO™) to Colombia.
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