Marapharm Ventures Inc. (CSE:MDM) (OTC:MRPHF) (FRA:2M0) announced earlier today that the company has closed escrow and has title and possession of its second California marijuana property.
The new property is located in Desert Hot Springs, California, located in the Coachella Valley approximately 2 hours east of Los Angeles. The transaction was first announced in August, 2017 when Marapharm entered into an agreement to purchase 1.25 acres of industrial property zoned for marijuana cultivation.
Since the date of the purchase agreement, the property received an approved conditional use permit, a.k.a. CUP, for 20,664 square feet of cannabis cultivation and manufacturing. The CUP award adds value to the property and indicates that operations can commence with little to no delay. The city has approved an interim plan for cultivation with a temporary certificate of occupancy. The first plants will be in the interim buildings by the end of 2017.
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