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.
http://www.marapharm.com
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.
STOCK EXCHANGES:
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:
http://www.marapharm.com or Linda
Sampson, CEO +1-778-583-4476 email info@marapharm.com
SOURCE Marapharm Ventures Inc.