KELOWNA, British Columbia, October 9, 2017 /PRNewswire/ --
Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) (FSE: 2M0) ("Marapharm" or the " Company") (http://www.marapharm.com/) announces 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. Marapharm is the largest marijuana license holder in Nevada." Linda Sampson, CEO, Marapharm.
Marapharm engaged Kurt Keating to do the evaluation of this project. Kurt won 2 High Times Cannabis Cups in 2014 while cultivating medical cannabis and he has been consulting, evaluating and growing cannabis for several years. The market price for this type of marijuana at present is approximately $2300 wholesale per pound in Nevada. The evaluation for the three floors is 22,600 pounds per year.
The September 28, 2017 edition of the Las Vegas Review Journal stated that dispensaries in Nevada raked in more than $27 million during the first month of recreational marijuana sales, generating more than $3.6 million in taxes, according to figures released by the Nevada Department of Taxation. The state also pulled in $6.5 million in marijuana license and application fees. How does this stack up against the other states with legal marijuana? It's double.
Dept. of Taxation to Open Additional Retail Marijuana License Application Period in 2017 The Nevada Department of Taxation will be accepting additional applications for retail marijuana establishment licenses in the near future. Temporary regulation T002-17 provides that the Department may open for additional applications for not more than five days prior to the end of the year. We intend to open the window for applications in October or November. The application window will not necessarily be for five days, but we will give at least two weeks' notice of our intent to open the application period with the number of days that we will accept applications.
Marapharm has engaged a real estate agent to source and secure store front properties in Las Vegas for retail sales. Marapharm will apply for 3 dispensaries in Nevada in October and or November 2017.
The 2 existing buildings of 5000 square feet each are nearing completion. Mother plants will transition from the interim buildings located on the Marapharm property to the completed buildings within 45 days. Photos are on the Marapharm website.
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.
FOR FURTHER INFORMATION:
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.
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. The potential revenue and yields are based on management estimates of crop yields which may not be achieved as well as based on current pricing which may fluctuate based on supply or other market factors in the future. Accordingly the revenue potential is based on management's estimates only which may not be achieved.
SOURCE Marapharm Ventures Inc.