KELOWNA, British Columbia, February 13, 2017 /PRNewswire/ --
Marapharm Ventures Inc. (OTCQB: MRPHF) subsidiary, Marapharm WA has entered into an agreement to purchase 13.6 acres of industrial, highway frontage property located a few minutes south of the Canadian border for $4.2 million US. The transaction should close on or before February 28, 2017.
Previously, on June 16, 2016, the Company announced that it had concluded a deal for a lease of a 30,000 square foot building and an option to purchase 13.6 acres of industrial property located in Whatcom County, Washington State. Further, on August 17, 2016, Marapharm announced that Marapharm WA had closed on the purchase of the assets of a 30,000 square foot operating tier 3 marijuana cultivation and processing facility, located in Washington State and on September 27, 2016 and November 1, 2016 provided updates with regard to the Washington operations. Marapharm has been making lease payments on the property and has chosen to act on the option to purchase the land.
The 13.6 acres is appropriately zoned for Washington States I-502 marijuana cultivation and processing requirements. There are currently multiple buildings on the property, including the 30,000 square foot building with marijuana cultivation and processing licenses, a 9,190 square foot truck wash building, a 7,200 square foot mechanic shop, a 2208 square foot office building and large sheds. Wal-Mart presently uses an area of the property for truck and trailer parking. There is ample room for further development.
To view the property, go to http://www.marapharm.com and look at the images under Marapharm Washington.
"Marapharm WA plans to develop the property for cultivation, processing and research purposes, with the intention of creating a Cannabis Campus. We will continue to renovate the buildings which are presently in use, as well as, develop and build new structures as required. Since legalization, sales of marijuana products in Washington are more than $1 billion and taxes for the State are more than $250 million. This is a booming sector."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 its 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.