Marapharm Ventures Inc. “Marapharm” announced today that it has closed escrow and has title and possession of a second cannabis property located in Desert Hot Springs, California fora purchase price of $520,000 USD. 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 CUP, (conditional use permit), 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.
The first tranche of the private placement (the “offering”) of up to 80,000,000 common share purchase warrants (the “warrants”) at a price of $0.10 per warrant has closed with proceeds totaling $1,725,436.90 from the sale of 17,425,369.00 warrants. Final paperwork and regulatory filings are being completed. The final tranche is expected to be closed and filed by October 31st, 2017.
The Company has granted 50,000 shares at $1.02 per share for $51,000.00 for accounting services. In addition, stock options to purchase up to 350,000 common shares at an exercise price of $1.02 per share have also been granted pursuant to the Company’s stock option plan.
ABOUT MARAPHARM VENTURES INC.
Marapharm is a publicly traded company primarily investing in the medical and recreational cannabis space, with corporate operations based in British Columbia, Canada. Since 2016 they have rapidly expanded their footprint to include production locations in the key North American states of Washington, Nevada, and California. They actively seek expansion opportunities worldwide.
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQB, and in Europe, ticker symbol 2Mo 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 OTCQB® has approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQB® accepts responsibility for the adequacy or accuracy of this release.
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. Specifically, there can be no assurance that Marapharm will be issued a final certificate of occupancy or have a final plan for cultivation approved. Furthermore, there can be no assurance that Marapharm’s announced financing activities will be completed in the time frames set out or at all or that they will raise the amount of funds disclosed.