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.”
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