Marapharm Ventures, Inc. (CSE: MDM) (OTCQX: MRPHF) (FSE: 2M0) (“Marapharm,”, “Company”) announces that the Company has entered into a Letter of Intent (the “Agreement”), subject to due diligence, to acquire certain operational assets and, potentially, land and water rights in Okanogan County, located in Washington State, pursuant to a right of first refusal in the lease agreement.
The Agreement provides for the acquisition by Marapharm of various operational assets, and potentially, 20 acres of agricultural land that is well-suited to the production of outdoor cannabis (the “Property”). The Property also has rights and access to two water wells.
In a parallel process, AlphaPheno (License Number 412104) (“WA Licensee”) has negotiated an option to purchase one tier 2 and one tier 3 production and processing license (the “Licenses”) located on the Property. The acquisition of the Licenses will enable AlphaPheno to produce an additional 40,000 sq. ft. of cannabis plant canopy. The purchase price for the assets is 4,000,000 shares of Marapharm Common Stock, equivalent to $2,760,000 CAD at the time of the execution of the LOI. The option to acquire the Licenses is subject to regulatory approval by the Washington State Liquor and Cannabis Board.
Marapharm anticipates that the Licenses could produce, for the 2018 grow season, approximately 4,200 pounds of dry cannabis and 933 pounds of bulk trim and shake, at an initial production cost of approximately $500,000.00. This additional production will further solidify the financial position of AlphaPheno and provide significant additional product to AplphaPheno’s contemplated extraction facility.
Marapharm’s CEO, Linda Sampson, stated, “We have been working diligently to complete our Washington facility and expand the processing features and functions at the site. This will enable our tenant and future tenants to diversify consumer product development and delivery and meet a growing demand. We are mobilizing rapidly to expand the processing capabilities of our Lynden, Wa. facility to capture critical market share”.
Marapharm Ventures Applauds Passage of 2018 Omnibus Appropriations Package by the U.S. Congress.
Marapharm Ventures is pleased to announce the Congressional passage of the 2018 Omnibus Appropriations Bill, which includes the Rohrabacher-Leahy Amendment restricting the Department of Justice (DOJ) from interfering with the rights of patients and medical cannabis companies operating in compliance with state laws, which would include Marapharm’s U.S. operations.
The support for Rohrabacher-Leahy from Congress and the Executive Branch of the Federal Government marks a significant reversal in federal policy since the Jan. 4, 2018, memorandum issued by Attorney General Jeff Sessions which rescinded the Obama-era Cole Memorandum that afforded state-licensed cannabis businesses protection from prosecution.
Marapharm Ventures CEO Linda Sampson states, “The Bill contains language that in essence means that the DOJ will not be able to pursue enforcement actions against legal medical cannabis cultivators, distributors and licensees operating in compliance with state laws. I am pleased that the U.S. Congress has taken this important step forward towards protecting the rights of patients and the rights of medical cannabis companies operating in compliance with state laws. We, as a company, are very happy that the period of uncertainty following the rescission of the Cole Memorandum has come to a close.”
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.
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.