Les Kjosness, President & CEO, is pleased to announce Marapharm Ventures Inc. (the ’Company’), has purchased 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 a 70,000 square foot medical marijuana facility. Building plans are completed and are in the final rounds for permitting. Construction will start within 60 days.
Marapharm’s internal controller, Mr. Barry Hunt, prepares projections on all projects for the Company to assess the establishment of value and financial milestones to confirm or discount the feasibility of all potential acquisitions. The acquisition price of the land, licence use, contracts and permits associated with this project is USD$1,000,000. In addition; the estimated cost of the Las Vegas facility is estimated to be USD$12,000,000. These funds will be raised by debt and/or equity financing. Production will start in phases. Management estimates the revenues to be $60,000,000 annually once in full production which is estimated to be within three years.
LETTER OF INTENT SIGNED RE PROPOSALS IN COLORADO, WASHINGTON AND CALIFORNIA
In addition to the Las Vegas acquisition, Marapharm has entered into an LOI (letter of intent) 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 Medical and recreational Marijuana grow operation in Colorado, one grow operation and a medical dispensary licence in Washington State and one medical dispensary licence in California.
On behalf of the Board “Les Kjosness”
President & CEO
The Company’s new website www.marapharm.com will be live on Tuesday, May 12, 2015 at 11:00 a.m. PST.
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.