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Marapharm provides update on upcoming vote in Nevada on legalization of marijuana for recreational use

Marapharm Ventures Inc. (“Marapharm” or the “Company”) (www.marapharm.com) announces today that it’s updating shareholders and interested parties on it’s Nevada operations in response to a recent report recently released by the Coalition to Regulate Marijuana Like Alcohol (CRMLA)

The report will serve as a centerpiece of efforts by the Campaign to Regulate Marijuana Like Alcohol, a coalition of 30 state and local leaders who said legalization would also benefit Nevada by eliminating the black market and steering money away from criminal dealers. In addition, proponents of the ballot measure say it will close the books on decades of drug policies that resulted in billions of dollars being misspent to catch, prosecute and jail nonviolent recreational marijuana users.

Marapharm owns 5.9 acres of industrial land in Las Vegas and has an accepted offer to purchase an adjoining 1.1 acres. Special Use Permits have been granted for 3 medical marijuana licenses totaling 300,000 square feet. Development has commenced and 2 starter buildings are expected to be completed and in production within a few months” says Linda Sampson, CEO. She continued with “The report by CRMLA is exciting and it builds on our commitment to be involved in the cannabis industry in Nevada and other states. All of our production and cultivation is pre-sold for medical purposes, however the expectation is that we will be able to also supply the recreational market at some point in the near future as the Nevada Marijuana Legalization Initiative for recreational use is on the November 8, 2016 ballot in Nevada. We are one of the largest companies in Nevada’s cannabis space. It is highly anticipated that once Nevada votes in November whether to legalize marijuana for recreational use, the silver state will join the ever growing state list for recreationally approved cannabis use.” The CRMLA report is below:

Senator Tick Segerblom spoke regarding the report being released by the Coalition to Regulate Marijuana Like Alcohol (CRMLA) on the Economic & Fiscal Benefits Analysis of legalization at The Law Offices of Ashcraft & Barr on Tuesday, July 12, 2016.

By legalizing recreational marijuana, Nevada voters would spark $7.5 billion in economic activity in the first seven years of sales. That’s the biggest number in an extensive report released this week by RCG Economics and the Marijuana Policy Group, but it’s not the only eye-popping figure.

With voters poised to decide a ballot measure on the issue in November, here’s a by-the-numbers look into some of the researchers’ other findings and projections:

  • $1.7 billion: Total wages and business owner income that would be generated in the first seven years after legalization.
  • $464 million: Total tax revenue that would be generated in the first seven years after legalization. That breaks down to $257.4 million in sales and use tax, $147.1 million in excise tax, $47.2 million in license fees, $3.5 million in application fees, $521,000 in Nevada Commerce Tax and $8.3 million in payroll tax.
  • 40,975: Total number of full-time jobs that would be added to the economy in the first seven years after legalization.
  • 6,200: By 2024, the number of jobs that would be supported per year by regulation of the drug.
  • $1.1 billion: Also by 2024, the annual economic activity related to regulation.
  • $224.2 million: Estimated amount that Clark County visitors would spend on marijuana in 2018. That’s based on a price of $11 per gram, $2 more per gram than the projected price that locals would pay. As with most goods and services, marijuana would be more expensive on (or near) the Strip. The equation also is based on statistics-based projections on the number of annual visitors who would use marijuana (6.1 million), the average duration of their stay (3.4 nights) and their average daily consumption (0.98 grams).
  • 53.5 million: Projected number of Clark County visitors in 2033. In 2015, Las Vegas drew 42.3 million.

 

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

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FORWARD – LOOKING STATEMENTS:
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