Marapharm Ventures Inc. (OTC:MRPHF) (CSE:MDM) (FRA:2M0) already has more than 350,000 square feet of medical marijuana licenses for its acquired land and facilities located on the west coast across three states. Currently targeting California, Nevada, and Washington within the United States, the company is also a late-stage applicant to become a licensed producer of medical marijuana under Health Canada's ACMPR.
Related: 7 Stages of the ACMPR Licensed Producer Application Process
To make things even more interesting, Marapharm also owns 15 million shares and warrants of Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (FRA:2VP). There are just under 39 million shares outstanding as of the writing of this article, making Marapharm a major cornerstone investor for the emerging cannabinoid pharmaceutical and IP development company.
Related: Veritas Closes Acquisition of Cannevert Therapeutics
This morning, Marapharm provided existing and prospective investors with an update on its various properties and the ongoing projects associated with each one.
Marapharm's Washington Facility
Demolition within the 30,000 square foot facility located on the company's 13.6 acre cannabis campus in Washington state is 60% complete. Marapharm has estimated that all demolition will be completed by August 7th of this year. Electricians are currently determining the fire and power requirements for the next phase to build out the facility for cultivation and processing. Additionally, plans for the facility redesign are completed.
Related: Marapharm Agrees to Purchase 13.6 Industrial Acres in Washington
The final harvest of a cannabis crop in the existing Washington facility was on Friday, July 21st. This harvest was expedited in order to facilitate the final part of the demolition and for the new construction to commence. Cultivation and processing of recreational marijuana will resume when construction is complete and will then be in the entire facility.
Marapharm's Nevada Facility
Marapharm announced that in Las Vegas, NV on its 7 acres that construction on two initial starter buildings of 5,000 square feet each is progressing. Electrical and rebar inspections are done and the steel erector will be on site Wednesday July 26th to begin the building process.
Related: Marapharm's Nevada License is Approved
Linda Sampson, CEO of Marapharm commented, "Plans for the 360,000 square foot facility in Las Vegas and plans for additional buildings located on the 13.6 acres we own in Washington are nearing completion and it's expected that construction will be able to commence soon in each location. Then, watch us grow!"
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