Les Kjosness, President & CEO, is pleased to announce Marapharm Ventures Inc. (the ’Company’), with reference to the Colorado negotiations mentioned in our news release dated May 12, 2015, has submitted an LOI (“Letter of Intent”) to the vender to acquire an established Medical and Recreational grow operation with a retail outlet in Denver, Colorado. The Company will pay the vendor 3,000,000 common shares and US$8,000,000. The Company has established a two-year loan with a 10-year amortization to accommodate the $8,000,000 cash disbursement. Present gross revenue from the approximately 20,000sf grow-op exceeds $8,000,000 per annum providing substantial net profit with the opportunity for expansion.
About Marapharm Ventures Inc.
Marapharm was formed to create a global entity by pursuing commercial ventures in the medical marijuana business. The Company’s original project is the construction of brand new facilities on 11 acres in British Columbia’s Okanagan Valley with expansion plans in place to meet strategic advantages for growth and market penetration. Marapharm is currently in the process of its application for an MMPR license. In May 2015, we announced the purchase of 5.9 acres in the Apex Industrial Park, located in North Las Vegas, Nevada. The Company has a provisional grow licence in place and will build up to a 70,000 square foot medical marijuana facility. Completed building plans are revised and re-submitted for permitting. In addition to the Las Vegas acquisition, Marapharm has entered into an LOI with the same business corporation for a 90-day exclusive negotiation rights and the right of first refusal for two additional Nevada Medical Marijuana licences, one grow operation and a medical dispensary licence in Washington State and one medical dispensary licence in California.
On behalf of the Board
President & Director
For further information please visit the Company`s website at www.marapharm.com
The CSE has neither approved nor disapproved the accuracy of this news release.
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.