Marapharm Ventures Inc. (CSE: MDM) (OTCQX: MRPHF) (FSE: 2M0) (“Marapharm” or the “Company”) is pleased to announce to its shareholders that it has received a temporary Certificate of Occupancy from the City of North Las Vegas.
Today, the Company received the temporary Certificate of Occupancy from the City of North Las Vegas evidencing the completion of all local permitting. This milestone now allows for the State of Nevada to perform its final inspection and approval so that cultivation and production can commence in the new facilities.
During construction delays, Management took extraordinary measures to ensure the un-interruption of the perpetual harvest schedule from propagation and vegetation in the temporary buildings. Plants will be transitioned to the new facilities to complete their cycle and our first harvest.
The completion of the first two state-of-the-art, multimillion-dollar facilities will allow for up to 10,000 square feet of organic cannabis cultivation and processing while the Company continues to expand its footprint for a total build-out of up to 300,000 square feet. This is a significant achievement for Marapharm, Las Vegas represents a key strategic market for us and we look forward to rolling out our products and expanding our footprint as quickly as possible.
The Nevada Tax Department reported $7.9 million in marijuana tax revenue in July was 11 percent higher than Fiscal Year 2018’s three best months — March, May, and June of 2018 — all at about $7.1 million. A 92 percent gain from the inaugural month of sales in July 2017, $4.1 million.
“It has been a complex process to bring these facilities into operational status, to say that we are thrilled today is an understatement.” Linda Sampson, President and CEO
ABOUT MARAPHARM VENTURES INC.
Marapharm is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Marapharm has rapidly expanded to include having cultivation, production and dispensary locations in the key North American states of Washington, Nevada, and California and are seeking expansion opportunities worldwide.
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQX, and in Europe, ticker symbol 2M0 on the FSE. Marapharm also trades on other recognized platforms in Europe including Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.
Neither the CSE, the FSE nor the OTCQX® has approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQX® accepts responsibility for the adequacy or accuracy of this release.
MARIJUANA INDUSTRY INVOLVEMENT:
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate.
Marapharm owns marijuana licenses in California and Nevada. Marijuana is legal in each state however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that Marapharm’s ability to access private and public capital could be affected and or could not be available to support continuing operations. Marapharm’s business is conducted in a manner consistent with state law and is in compliance with licensing requirements.
Copies of licenses are posted on Marapharm’s website. Marapharm has internal compliance procedures in place and has compliance focused attorneys engaged in jurisdictions to monitor changes in laws for compliance with US federal and state law on an ongoing basis. These law firms inform any necessary changes to our policies and procedures for compliance in Canada and the US.
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.