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Marapharm Ventures Inc
Symbol C : MDM
Shares Issued 58,563,136
Close 2016-11-15 C$ 1.98
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Marapharm to acquire California facility, pot licences

2016-11-15 20:08 ET - News Release

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.

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