KELOWNA, BC, Dec. 21, 2017 /PRNewswire/ - Marapharm Ventures Inc. "Marapharm" has selected American Builders to manufacture the third building for its cannabis property located in Las Vegas, Nevada. Delivery is expected within 60 days.
"American Buildings is located in Carson City Nevada and it's great that we can support a "local" manufacturer. There is the potential of a tax credit benefit because Marapharm Las Vegas LLC is also a Nevada company. American Builders is a division of Nucor Corporation which is the largest producer of steel in the United States. Quality, price, reliability and service was our criteria and American Buildings fits all of these items," Linda Sampson, Marapharm CEO.
NEWS RELEASE REFERENCE
Marapharm announced on October 10, 2017 construction plans for a third building which will be 65,635 square feet on the 7 acre property located in Las Vegas, adjacent to 2 existing cultivation buildings.
The ground prep pad is ready to build on, most infrastructure is designed and in place and building plans go for bid in October 2017.
Construction will begin soon thereafter. This building is slated to be the first 3 story cannabis building in the state of Nevada.
"Current pricing and comparable facilities in Nevada indicate that revenue from the new 3 story building will potentially be $50 million gross and $30 million net, after operating costs, for the first year (source Kurt Keating). We will be at about 20% build out with regard to the square footage of the licenses we have. The projected revenues are estimated based on current average sales prices in the Nevada area and presumes full scale production, sales and consistent pricing in the future when the facility comes online. There is no guarantee that the new facility will achieve these levels of production and sales therefrom. Marapharm is the largest marijuana license holder in Nevada," Linda Sampson, CEO, Marapharm.
ABOUT MARAPHARM VENTURES INC.
Marapharm is a publicly traded company primarily investing in the medical and recreational cannabis space, with corporate operations based in British Columbia, Canada. Since 2016 they have rapidly expanded their footprint to include production locations in the key North American states of Washington, Nevada, and California. They actively seek expansion opportunities worldwide.
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQB, and in Europe, ticker symbol 2Mo on the FSE. Marapharm also trades on other recognized platforms in Europe including Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.
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.
MARIJUANA INDUSTRY INVOLVEMENT:
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate.
Marapharm owns marijuana licenses in California and Nevada. Marijuana is legal in each state however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change.
Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that Marapharm's ability to access private and public capital could be affected and or could not be available to support continuing operations. Marapharm's business is conducted in a manner consistent with state law and is in compliance with licensing requirements.
Copies of licenses are posted on Marapharm's website. Marapharm has internal compliance procedures in place and has compliance focused attorneys engaged in jurisdictions to monitor changes in laws for compliance with US federal and state law on an ongoing basis. These law firms inform any necessary changes to our policies and procedures for compliance in Canada and the US.
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.