KELOWNA, BC, March 28, 2018 /CNW/ - Marapharm Ventures, Inc. (CSE:MDM) (OTC:MRPHF) (FSE:2M0) ("Marapharm,", "Company") has been granted both Adult-Use (Recreational) and Medicinal temporary retail licenses, for its retail dispensary operation in Desert Hot Springs, California.
At this time, the State of California has only issued temporary licenses while they develop permanent regulations. The Company will apply, with all other temporary license holders in the State of California, for permanent licenses within the next three months.
The temporary licenses allow our dispensary retail operation to remain compliant with both local and state regulations. With over 200 SKU's (Stock Keeping Units) previously offered at the dispensary under Medical, these licenses now provide us access to a larger supply chain network, in which other compliant vendors are operating.
The dispensary continues to exceed our revenue projections since taking ownership on February 13, 2018. The grant of these Adult-Use (Recreational) licenses will dramatically expand our current SKU's, increasing consumers to the store as we can now offer a greater selection of products from a larger number of vendors, specifically tailored to any recreational consumers over the age of 21.
"These licenses are another crucial piece for our continued operational success in the US Cannabis market. California will be one of the largest markets in the world and having a retail location along with our cultivation facilities provides the vertical integration we seek to achieve," Corey Klassen, VP of Corporate Development.
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.
Web Program: marapharm.tv
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.