KELOWNA, British Columbia, June 30, 2017 /PRNewswire/ --
Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) (FSE: 2M0) ("Marapharm" or the "Company") (http://www.marapharm.com/) announces that the Department of Taxation, State of Nevada, has approved the application for marijuana for recreational use for 70,000 square feet in Las Vegas, Nevada. The actual license was received by email on June 28, 2017 at 7:39 pm.
"Marapharm has a recreation license for cultivation of marijuana. This is a big milestone for us. Recreational sales are legal in Nevada July 1, 2017. As far as we know, Marapharm is the first and only publicly listed company with this level of licensing. We will grow and sell cannabis from the existing modular buildings and will move into the starter buildings when the construction is completed." Linda Sampson, CEO.
Marapharm currently holds 3 medical marijuana licenses and has made applications for the transition to recreational use for the 290,000 square feet of cultivation and production facility. Two applications remain in the system waiting approval.
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 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.
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.
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SOURCE Marapharm Ventures Inc.