Marapharm Ventures Inc. (“Marapharm”) announces that it is updating shareholders and interested parties on it’s Nevada operations about any impact from the vote to whether to allow recreational use for marijuana.
On November 8, 2016 Question 2 is on the ballot in Nevada as an indirect initiated State statute. A “yes” vote supports the proposal to legalize marijuana for recreational use for individuals 21 and over and a “no” vote opposes the proposal.
“Marapharm owns 5.9 acres of industrial land in Las Vegas and has an accepted offer to purchase an adjoining 1.1 acres. Special Use Permits have been granted for 3 medical marijuana licenses totaling 300,000 square feet. Development has commenced and 2 starter buildings are expected to be completed and in production within a few months” says Linda Sampson, CEO. She continued with “all of our production and cultivation is pre-sold for medical purposes so the outcome of Question 2 doesn’t affect us at the present time, however the expectation is that we will be able to also supply the recreational market at some point in the near future if the Nevada Marijuana Legalization Initiative for recreational use is a “yes” vote. The bottom line is that at the present time it really doesn’t make any difference to Marapharm whether the vote is yes or no, our business in Nevada is great.”
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