skip to Main Content

Marapharm closes the Asset Purchase of an operating Tier 3 production and processing marijuana facility located in Washington State, USA.

Marapharm Ventures Inc. (“Marapharm” or the “Company”) (www.marapharm.com/) announces today that it has advanced approximately $1.5 million, via its wholly owned subsidiary Marapharm Washington, LLC, to conclude the asset purchase of an operating Tier 3 marijuana production and processing facility in Washington. A “Tier 3” production and processing facility allows the licensee to grow up to 30,000 square feet of marijuana at any one time.

We will enhance the production and processing facility considerably with new equipment and building improvements. This includes a complex HVAC system, botanical oil extraction equipment, sterilization, security and safety equipment, dehumidifiers, nutrient reservoirs and knockboxes”.  Marapharm Washington, LLC, will receive $2.4 million per year—$200,000 payable on the first of each month, with payments contracted to have accumulated since March 2016—for providing the facility to the marijuana licensee, Living Green, Inc. Additionally,

Marapharm Washington, LLC intends to provide marketing and branding consultation services to Living Green, Inc., optimizing our relationship with Living Green, Inc. while respecting the boundaries set forth by Washington law. This is an exciting opportunity for the Company to generate revenue from a facility involved in the cannabis space in Washington State, stated Linda Sampson, CEO.” Marijuana sales in the State of Washington have reached a total of approximately $1 billion since recreational marijuana was legalized in 2014. More than $275 million of tax revenue has been generated from marijuana sales over the course of the past two years. Sales continue to increase and in July the 2016 statewide sales reached $121 million, setting a new record. Ms. Sampson added, “Only retailers pay the excise tax of 37%. Marijuana producers and processors have been exempt from this tax since July 2015. Accordingly, we are very pleased to have this asset package in Washington.

 

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.com), the OTC website (www.otcmarkets.com), and the 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

STOCK EXCHANGES:
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.

Back To Top