KELOWNA, BC, June 14, 2018 /PRNewswire/ - Marapharm Ventures Inc. (CSE: MDM) (OTCQX: MRPHF) (FSE: 2M0) ("Marapharm" or the "Company") Announced on May 24th, 2018, by news release, the timeline of its final inspections to obtain the Certificates of Occupancy for its cultivation facilities in North Las Vegas, Nevada.
On June 4th, a member from the State of Nevada, Department of Taxation met with Kurt Keating, Director of Operations, to perform a "walk-through" of both buildings. Final approval from the state will be granted, contingent on the city providing the Certificates of Occupancy.
The Public Works Department is satisfied that we have met their criteria successfully and have acknowledged all utilities are installed to code.
Final adjustments are being made to the fire suppression system which required testing of sensors and relays. Once complete, The North Las Vegas Fire Department approval allows the building inspector to recommend issuance of this permit.
The City of North Las Vegas Building Department is on stand-by to "sign-off" on the pending Certificates of Occupancy. Upon approval, the State of Nevada, Department of Taxation will complete their "closing" review and allow the transfer of operations to the new buildings.
Six City of North Las Vegas Recreational and Medical Cannabis Cultivation and Production Business Licenses have been renewed and reissued for 2018-2019.
Three State of Nevada Medical Certificates for Production and Cultivation have been renewed and reissued for 2018-2019. Three Recreational Certificates are currently being processed for annual renewal and reissuance.
Three Secretary of State, Nevada State Annual Business Licences for Marapharm Las Vegas LLC, Econevada LLC and Phenofarm NV LLC have all received state acceptance and renewal for 2018 -2019.
The next phase of construction is the 65,000 sq. ft, three storey cultivation and production facility, (Corporate Update news release dated January 1, 2018). Marapharm is pleased to report that the deposit has initiated the collaboration between the American Buildings Company and Corporate Architects and Engineers.
Las Vegas Cannabis Market
As reported by the Las Vegas Review Journal on May 24th, 2018, Las Vegas recreational cannabis sales topped $41 million in March 2018, the highest number since legal sales began state wide in July of last year.
To date, cannabis sales for medical or recreational purposes have totaled $385.99 million. 50% of purchases made were cannabis flower or bud.
Average flower which has roughly 16% THC content and a moderate terpene profile sells for approximately $2,300 - $2,600 per pound.
Reported by MJ Business Daily on March 15th, 2018.
"The Las Vegas cannabis market continues to exceed projected revenues. Marapharm's flagship facilities will produce triple organic certified strains which will soon be featured in dispensaries throughout Las Vegas, Nevada". Linda Sampson, CEO
ABOUT MARAPHARM VENTURES INC.
Marapharm is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Marapharm has rapidly expanded to include having cultivation, production and dispensary locations in the key North American states of Washington, Nevada, and California, and are seeking expansion opportunities worldwide.
Web Program: marapharm.tv
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQX, and in Europe, ticker symbol 2M0 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 OTCQX® has approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQX® accepts responsibility for the adequacy or accuracy of this release.
MARIJUANA INDUSTRY INVOLVEMENT:
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate.
Marapharm owns marijuana licenses in California and Nevada. Marijuana is legal in each state however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that Marapharm's ability to access private and public capital could be affected and or could not be available to support continuing operations. Marapharm's business is conducted in a manner consistent with state law and is in compliance with licensing requirements.
Copies of licenses are posted on Marapharm's website. Marapharm has internal compliance procedures in place and has compliance focused attorneys engaged in jurisdictions to monitor changes in laws for compliance with US federal and state law on an ongoing basis. These law firms inform any necessary changes to our policies and procedures for compliance in Canada and the US.
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.