Les Kjosness, President/CEO, is pleased to announce that the acquisition of Marapharm Inc., by Marapharm Ventures Inc., is complete. Marapharm Ventures Inc. (the ‘Company’) has released the final 5,059,670 units to Marapharm Inc. and has acquired all of Marapharm Inc’s outstanding shares and assets. Assets include: cash, an application with Health Canada for the license to grow medical marijuana, all leases, proprietary contracts and Marapharm Inc’s trademarks “TM”.
Marapharm Inc., as a wholly owned subsidiary, has informed the parent company that on January 29, 2015 it was requested by
Health Canada to submit additional information for a Licensed Producer application under the Marijuana for Medical Purposes Regulations (“MMPR”). Health Canada has requested more detailed information on some of the record keeping procedures, quality assurance personnel, sanitation standards, as well as technical details of the security monitoring equipment.
Marapharm management is pleased to note the request from Health Canada as it is acknowledgment that we are moving forward in the process of becoming a Licensed Producer under the MMPR.regulations’.
Management is confident the requirements of Health Canada, in all aspects, will be met or exceeded. We note additionally that complying with the requests does not guarantee that an MMPR license will be granted.
The Company is a start-up Canadian company established to enter the emerging market created by Canada’s new MMPR Marapharm is positioned as a pioneer and leader in the medical marijuana market with plans to construct brand new facilities in British Columbia’s Okanagan Valley and rapidly expand these facilities to meet strategic advantages for growth and market penetration
The Company will initially construct its facility on 11 acres under lease to Marapharm Inc. with expansion plans to a 100,000 sq. foot facility in year two. Further construction is built into the Company’s long term growth strategy once a realistic assessment and export demand can be determined. Additional facilities will at that point be addressed to accommodate demands.
The Canadian market potential for medical marijuana is currently estimated at Cdn. $1.2 billion and the world market potential is estimated at Cdn. $115 billion. As a result, the Company is well positioned to enjoy significant and consistent revenue growth for many years.
On behalf of the Board
President & Director
For further information: Les Kjosness: 604-952-6676
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors – including the availability of funds, the results of financing efforts, the results of exploration activities – that could cause actual results to differ materially from the
Company’s expectations are disclosed in the Companies’ documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward – looking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward – looking statements, whether as a result of new information, future events or otherwise.