KELOWNA, BC, Aug. 15, 2018 /PRNewswire/ - Marapharm Ventures Inc. (CSE: MDM) (OTCQX: MRPHF) (FSE: 2M0) ("Marapharm" or the "Company") updates shareholders on its proceedings to establish jurisdictional licensing in preparation for the sale of cannabis, once in full production.
As reported by news release on July 27, 2018, cultivation in our temporary buildings continues, allowing us to maintain our production schedule. Contractors are working with the City of North Las Vegas and the State of Nevada to meet the necessary requirements for the Certificate of Occupancy's. This will permit the Tax Department's final inspection and the transfer of plants to the new facilities.
On June 22, 2018, Marapharm applied for three City of Las Vegas Business Licences. The Company is pleased to report that after an in-depth application and interview process, which typically takes several months, the City of Las Vegas expedited our three 90-Day Temporary Conditional Licences for Econevada and Phenofarm on August 2, 2018.
These licences permit the distribution of cannabis from our facilities in North Las Vegas to dispensaries in the Las Vegas metropolitan area which in 2017, saw spending estimated at $34.8 billion by more than 42 million visitors. The year-to-date as at June 2018 showed visitor numbers over 21 million. www.lvcva.com
On July 5, 2018, the State of Nevada, Department of Taxation issued a notice seeking applications from qualified applicants to award recreational marijuana retail store licenses. The number of available licences is limited. The Company is qualified to apply for up to 3 retail store licenses in Las Vegas and surrounding jurisdictions.
All Applications in the strictly regulated cannabis space are laborious, however, the Company has successfully applied for and received 19 city and state regulatory licences and permits in Nevada to date. "We will prepare and produce our retail applications to the state regardless of the scope of work and the narrow 14-day application period". Linda Sampson, CEO.
Nevada Department of Taxation reported by news release on June 28, 2018. "April marks a significant milestone for the state, as tax revenues from marijuana hit—and exceeded—the amount that was projected for the entire fiscal year, with two months of collections still to go. Marijuana tax revenues through April total $55.53 million, 110 percent of what was projected for all of fiscal year 2018." Bill Anderson, Executive Director, https://tax.nv.gov/uploadedFiles/taxnvgov/Content/TaxLibrary/News-Release-April-Marijuana.pdf
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.
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.