05:44:31 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Marapharm Ventures Inc
Symbol MDM
Shares Issued 93,834,936
Close 2017-12-20 C$ 0.87
Market Cap C$ 81,636,394
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Marapharm target garners approval by Desert Hot Springs

2017-12-20 09:45 ET - News Release

Ms. Linda Sampson reports

MARAPHARM VENTURES INC. UPDATES THE TAKEOVER TARGET TRANSACTION OF THE OPERATING CANNABIS DISPENSARY IN CALIFORNIA

The City of Desert Hot Springs, Calif., has approved Marapharm Ventures Inc. target Green Leaf Wellness for recreational marijuana use. The closing of the transaction has been extended, and is to be within 48 hours of the assignment of the lease of the property. This is the only contingency remaining and all other due diligence has been completed.

Green Leaf Wellness has successfully been in the medical marijuana retail business for three years and has developed a strong following of clients. It currently operates from a leased space within a strip mall located on the main road in Desert Hot Springs. There is 3,200 square feet of retail space on the ground level and 3,000 square feet of subterranean cultivation space. The retail space is only partially utilized and is managed by five employees, and presently nets approximately $35,000 (U.S.) per month from sales. The cultivation space has not been utilized, although it is licensed to grow and will immediately be used as such.

Marapharm has developed a new website which is ready to launch when the transaction has been completed. Marapharm has developed a "bud tending" training course and all staff will be trained to professionally serve customers with a strong knowledge of the products for recreational use and medical suitability.

"The dispensary gives us an integrated model for cultivation, production and retailing cannabis products, and it is great news that the city has approved the facility for recreational sales. Medical licences in California are allowed to transition to recreational ones Jan. 1, 2018," said Linda Sampson, Marapharm chief executive officer.

News release reference

Marapharm announced Nov. 27, 2017, that it entered into an agreement to buy an operating dispensary for $1.6-million (U.S.) located in Desert Hot Springs, Calif., based on the following terms: $160,000 cash deposit was paid at removal of contingencies to Marapharm's California attorney which shall be deposited with an escrow company of buyer's choosing. Once contingencies were removed by buyer on or about Nov. 15, 2017, this deposit became non-refundable to buyer. One million four hundred forty thousand dollars in cash is payable by buyer on closing. The transaction will close when regulatory matters are concluded, which is to be on or before Dec. 31, 2017.

About Marapharm Ventures Inc.

Marapharm is a publicly traded company primarily investing in the medical and recreational cannabis space, with corporate operations based in British Columbia, Canada. Since 2016 it has rapidly expanded its footprint to include production locations in the key North American states of Washington, Nevada and California. It actively seeks expansion opportunities worldwide.

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