Ms. Linda Sampson reports
MARAPHARM VENTURES INC. ANNOUNCES AN
AGREEMENT TO ACQUIRE ASSETS IN CALIFORNIA
Marapharm Ventures Inc. has
entered into an agreement to purchase an industrial facility in
Southern California and three medical marijuana licences for
manufacturing, cultivation and retail uses. The land size is
40,510 square feet, and the existing building size is 6,875 square
feet, with a 19-foot ceiling clearance, for a purchase price of $3.2-million (U.S.), based on $450 (U.S.) per square foot for the building
and $65 (U.S.) per square foot for the land. The yard area is
paved and suitable for greenhouse growing. The purchase is
subject to, and contingent upon, completion of satisfactory due
diligence, including background checks, and closing
documentation for the issuances of the three licences to
Marapharm within 120 days, with the closing to take place 120
days from the removal of contingencies.
"We are really excited to have such a prize property, as well as
three licenses, and to be in the California market. The yes vote
in California is significant for a number of reasons: (i) California, if
it were a stand-alone state, would be the sixth-largest economy in
the world, with a population of 40 million people, and (ii) this
decision means the entire West Coast of the United States has
legalized recreational marijuana. Once Canada is legal, the West
Coast all the way from Mexico to Alaska will be legal, so the
opportunity is huge," said Linda Sampson, Marapharm chief executive officer.
About Marapharm Ventures
Marapharm has 300,000 square feet of medical marijuana
licences, land, and facilities in Washington and Nevada, and about 2-1/2 years ago, Marapharm applied in Canada to Health Canada
for an MMPR (production and sales) licence, having since passed
the necessary security clearances. The application is currently in
the in-depth screening process. In September, 2016, Health
Canada contacted Marapharm with a provision to amend its
application to allow for the new regulations, known as ACMPR.
We seek Safe Harbor.
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