KELOWNA, British Columbia, May 24, 2017 /PRNewswire/ -- Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) (FSE: 2MO) ('Marapharm' or the 'Company') (http://www.marapharm.com/) announced on May 23, 2017 that 2 modular buildings were on site with occupancy permits and that this temporary measure was done to meet state requirements for recreational marijuana licensing.
The modular buildings will also be used to facilitate the start of genetics that will be used in the 5,000 square foot buildings once they are complete, allowing the company to accommodate for the time lost during these delays and advance the timing on cultivation. All permits have finally been approved for the starter buildings and construction is commencing. Once in production, it is estimated that these buildings will be able to generate revenue of $9.9 million per year. Source: market evaluation by Kurt Keating who won two High Times Cannabis Cups in 2014 while cultivating medical cannabis. He has been consulting, evaluating and growing cannabis for several years.
"Marapharm is transforming from a development company to a marijuana producing company," Linda Sampson, CEO, Marapharm.
Marapharm has 300,000 square feet of medical marijuana licenses for its land and facilities in WA and NV. 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.
Marapharms common shares are publicly traded in Canada, under the ticker symbol 'MDM' on the Canadian Securities Exchange, and in the United States, under the ticker symbol 'MRPHF' on the OTCQB, and in Europe, under the ticker symbol '2M0' on the FSE.
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.
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.