Marapharm Ventures Inc. (“Marapharm” or the “Company”) (www.marapharm.com) is pleased to announce that it has furthered its interests in Nevada and entered into an agreement for the acquisition of two provisional medical marijuana licenses (the “Interests”) from a private Las Vegas, Nevada based medical marijuana enterprise. The private Nevada company holds two provisional licenses for the cultivation and extract production of medical marijuana granted by the State of Nevada.
The acquisition complements the Company’s business strategy to expand its business footprint within the U.S. emerging marijuana markets and the rapidly increasing number of legalized medical and recreational jurisdictions in the United States.
The terms of the agreement are for the initial acquisition of 75% of the Interests from a third party acting as agent. The provisional medical marijuana licenses consist of a 199,862 square foot cultivation approved license and a 16,320 square foot approved extract production license for edibles and all marijuana infused products. The purchase price is for USD $600,000, comprised of a cash portion of USD $300,000 principal due within one year at 4.5% interest payable monthly, and the balance of the purchase price to be paid from the issuance of USD $300,000 treasury shares of the Company to be issued at CDN $0.24 per share, with exchange calculated effective February 17, 2016 and subject to applicable regulatory hold periods. The Company has advanced approximately CDN $300,000 to the agent that will be offset to the purchase price on closing. The Company intends to complete negotiations on acquiring the remaining 25% Interests from the private corporation in the near future. The transaction is also subject to applicable statutory, regulatory, and compliance laws, and approvals, transfers and State security deposits as required.
The Company, through its wholly owned subsidiary, Marapharm Las Vegas LLC, intends to integrate both the acquired cultivation and production Interests, subject to conditional use permits from the City of North Las Vegas, on its recently purchased 5.9 acre land parcel in Apex Business Park, North Las Vegas, Nevada. Pursuant to the Company’s press release issued February 19, 2016, the subsidiary already holds an assigned option agreement for a provisional marijuana license, on this land, pursuant to an offer to purchase agreement with Marapharm dated May 11, 2015 in the amount of USD $1,000,000.
Les Kjosness, CEO reported, “We are excited about this latest step in our corporate development. Our business model is predicated on “early presence” within the newly re-regulated jurisdictions and aggressive expansion through acquisition of licensed operations. Through a combination of purchase and internal organic growth opportunities, we intend to expand our network of cultivation and production facilities in the United States. The rapidly changing political and business landscape for the entire sector presents an enormous opportunity for companies that are positioned to capitalize.”
ABOUT MARAPHARM VENTURES INC.
Marapharm trades under the symbols MDM on the Canadian Securities Exchange (“CSE”), 2M0 on the Frankfurt Stock Exchange (“FSE”) and MRPHF on the U.S. OTCQB® marketplace.
Marapharm (www.marapharm.com) and its wholly-owned subsidiary in Canada, Marapharm Inc., and its wholly-owned subsidiary in the United States, Marapharm Las Vegas LLC, is engaged in the development, production of and commercialization of phytocannabinoid-based pharmaceutical products, in Canada and the United States. The Company has applied to Health Canada to become a licensed producer under the Marijuana for Medical Purposes Regulations (MMPR) issued pursuant to the Controlled Drugs and Substances Act (Canada). The company also intends to focus its development and growth strategy on Colorado, Nevada, Washington and California with plans to acquire – grow, production and dispensary licenses in the United States.
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.cnsx.ca) and Sedar website (www.sedar.com) under the profile for Marapharm Ventures Inc..
FOR FURTHER INFORMATION:
www.marapharm.com or 778-583-4476 email email@example.com
Neither the CSE, the FSE nor the OTCQB® have 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.
Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether Marapharm is able to meet price, performance, quality and delivery requirements. Although Marapharm believes that the expectations represented by any forward-looking statements and forward-looking information contained herein are reasonable based on the information available to them on the date of this document, management cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements or forward-looking information. Marapharm undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.