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Marapharm Provides MMPR Update

Marapharm Ventures Inc. (“Marapharm” or the “Company”) (www.marapharm.com)  was contacted by Health Canada and was informed that it would be permissible for Marapharm to amend its application currently being vetted by Health Canada to incorporate the recently implemented Access to Cannabis for Medical Purposes Regulations (ACMPR) provisions. Management is pleased with this communication as many shareholders have been questioning what the MMPR policy changes would mean to Licensed Producers in Canada (as well as LP applicants). Management is working diligently to implement the new guidelines into its operational plan and will update shareholders with any and all further communications from Health Canada as Canada moves towards legalization which has been noted as a priority under Justin Trudeau’s Liberal party and is expected in Spring 2017.

As per the associated commentary with the communication, “All applications that were submitted under the MMPR prior to August 24, 2016, will continue to be processed by Health Canada, and all licenses and security clearances granted under the MMPR will still be valid under the ACMPR. Going forward, Health Canada has said that a new application form will become available, which consolidates what were previously several applications under the MMPR. This will allow an applicant to apply to produce and sell fresh and dried marijuana, cannabis oil, and marijuana seeds and plants, all in one application.

Marapharm Inc. began assembling people and the proposed build out and property, located in Kelowna, British Columbia for its LP application in 2014. The proposed 11 acre parcel in Kelowna, British Columbia was confirmed by the Provincial government to be legally zoned as proper use for medical marijuana production. The property can accommodate a two story, 40,000-square-foot facility, with the requisite parking area and green space. The construction contract is currently being prepared to build a Phase I, 20,000-square-foot production facility with an additional 20,000 square feet of additional space planned for year two. It is anticipated that the production facility will be operational six months following receipt of the building permits.

The building design addresses the following requirements, including:

  • Electrical, plumbing and HVAC
  • Controlled lighting
  • Pest control
  • Security requirements: cameras, fingerprint locks, perimeter security
  • Record keeping requirements tied in with security
  • Secure storage
  • Shipping and receiving
  • Offices, quality assurance laboratory, research and development
  • Staff requirements; and
  • Environmental considerations.

The Canadian market potential is presently estimated by management of the Issuer to be valued at $1.2 billion based on a cost benefit analysis of regulatory changes for access to marijuana for medical purposes prepared by David Stambrook, Senior Economist, Delsys Group Inc.

 

ABOUT MARAPHARM VENTURES INC.
www.marapharm.com
Additional information on the operations or financial results of Marapharm are included in reports on file with applicable securities regulatory authorities and may be accessed through the CSE website (www.thecse.ca), the OTC website (www.otcmarkets.com) and Sedar website (www.sedar.com) under the profile for Marapharm Ventures Inc.

FOR FURTHER INFORMATION:
www.marapharm.com    contact 778-583-4476    email info@marapharm.com

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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. While such forward-looking statements are based on reasonable assumptions, 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.

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