08:42:39 EDT Fri 19 Jul 2019
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Marapharm Ventures Inc
Symbol C : MDM
Shares Issued 79,935,136
Close 2017-05-19 C$ 0.83
Recent Sedar Documents

Marapharm to apply for recreational licences in Nevada

2017-05-19 16:42 ET - News Release

Ms. Linda Sampson reports

Marapharm Ventures Inc., in addition to medical marijuana licences, is applying for recreational licences in Nevada.

The Nevada Department of Taxation is accepting licence applications for recreational cultivation, production, lab and retail store licences from existing Nevada marijuana establishments that hold valid registration certificates. The State of Nevada has moved its recreational program closer by six months. Initially, the program was to go into effect in January, 2018. The program will now commence in July, 2017.

Marapharm, in order to position itself for this opportunity, brought two modular buildings onto its seven-acre site and has fully equipped them to meet state licensing requirements. A roadway was installed along with a paved access to each building in order to meet occupancy requirements. The buildings were inspected and given preapproval for cultivation and processing. The City of North Las Vegas has issued an occupancy permit, and with a few more small steps to take, the company awaits final approval. Once approved, cultivation and processing can begin in the smaller facilities, enabling the licences to perform a taxable transaction before May 31, 2017. These processes will position the company to apply for licensing under the state's recreational program.

"The marijuana industry is poised to be up to $50-billion nationally by 2019, and now, Nevada has legalized recreational marijuana, and it has 50 million adult tourists a year. Fees and taxes of recreational marijuana for Nevada state are projected to total $100-million for the first year," said Linda Sampson, Marapharm's chief executive officer.

About Marapharm Ventures Inc.

Marapharm has 300,000 square feet of medical marijuana licences for its land and facilities in Washington State and Nevada.

We seek Safe Harbor.

© 2019 Canjex Publishing Ltd. All rights reserved.