KELOWNA, British Columbia, August 17, 2017 /PRNewswire/ --
Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) (FSE: 2M0) ("Marapharm" or the " Company") (http://www.marapharm.com/) announced today that it has entered into an agreement to purchase 1.25 acres located in Desert Hot Springs, California. The property has an approved CUP, (conditional use permit), for 20,664 square feet of cannabis cultivation and manufacturing. The purchase price is $520,000 USD. The transaction is scheduled to close on or before August 31, 2017. The city has approved an interim plan for cultivation with a temporary certificate of occupancy which increases the value of the acquisition.
"As is the case with our operations in Nevada and Washington, we are growing quickly to become a dominant player in the California cannabis market. This is the third acquisition of property we plan to use for cannabis operations in California and it brings us to 9.49 acres and 151,875 square feet of provisional licenses for medical cannabis. Where appropriate and in line with market and demand, we will transition these to recreational licenses," Linda Sampson, Marapharm CEO.
ABOUT MARAPHARM VENTURES INC.
Marapharm has more than 300,000 square feet of medical marijuana licenses for its land and facilities in WA, CA and NV. In Nevada, the proposed building footprint is 360,000 square feet. The Nevada Department of Agriculture report by Tessa Rognier states that the average size of a cultivation facility in Nevada is 26,000 square feet. About three 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. Marapharm owns 15 million shares and warrants of Veritas Pharma Inc., a public company.
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 the SEDAR website (http://www.sedar.com) under the profile for 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.
The Investment Industry Regulatory Organization of Canada (IIROC) has approved the contents of this news release.
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. Furthermore, while closing is scheduled for on or before August 31, 2017, circumstances may prevent closing from occurring on or before that date, or at all. The Company's ability to transition to recreational licenses is dependent upon compliance with regulatory requirements. As a result, the transition may be delayed or not occur.
FOR FURTHER INFORMATION:
SOURCE Marapharm Ventures Inc.