KELOWNA, British Columbia, September 19, 2017 /PRNewswire/ --
Marapharm Ventures Inc. ("Marapharm" or the "Company") (CSE: MDM)(CSE: MDM.CN) (FSE: 2M0) (OTCQB: MRPHF) announces that demolition within the 30,000 square foot facility located on its 13.6 acre cannabis campus in Washington State is now finished and renovations will soon be underway. Cultivation and processing of recreational marijuana will resume when construction is complete. Construction photos are posted on marapharm.com.
"In Washington, 30,000 square foot licensed cannabis cultivation facilities can average more than $2 million per month in sales according to http://www.502data.com. The tier 3 cultivation license will allow for 30,000 square feet of cultivation within the Marapharm facility. Once renovations are complete, base rent revenue of $200,000 per month for facility use are to be paid retroactively to Marapharm as per an agreement with the license holder signed when operations commenced August 1, 2016. In addition, operational and capital costs, as well as performance bonus amounts, will be calculated and are owed to Marapharm." Linda Sampson, Marapharm CEO.
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.
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.
FOR FURTHER INFORMATION:
SOURCE Marapharm Ventures Inc.