Ms. Linda Sampson reports
MARAPHARM VENTURES INC. RECEIVES TEMPORARY CERTIFICATE OF OCCUPANCY, NORTH LAS VEGAS CULTIVATION FACILITIES
Marapharm Ventures Inc. has received a temporary certificate of occupancy from the City of North Las Vegas.
Marapharm Ventures has received the temporary certificate of occupancy from the City of North Las Vegas, evidencing the completion of all local permitting. This milestone now allows for the State of Nevada to perform its final inspection and approval so that cultivation and production can commence in the new facilities.
During construction delays, management took extraordinary measures to ensure the uninterruption of the perpetual harvest schedule from propagation and vegetation in the temporary buildings. Plants will be transitioned to the new facilities to complete their cycle and the company's first harvest.
The completion of the first two state-of the-art, multimillion-dollar facilities will allow for up to 10,000 square feet of organic cannabis cultivation and processing while Marapharm Ventures continues to expand its footprint for a total buildout of up to 300,000 square feet.
This is a significant achievement for Marapharm Ventures. Las Vegas represents a key strategic market for the company and Marapharm Ventures looks forward to rolling out its products and expanding its footprint as quickly as possible.
The Nevada Tax Department reported $7.9-million in marijuana tax revenue in July, 2018, which was 11 per cent higher than fiscal 2018's three best months -- March, May and June -- all at about $7.1-million.
It was a 92-per-cent gain from the inaugural month of sales in July, 2017 ($4.1-million).
"It has been a complex process to bring these facilities into operational status. To say that we are thrilled today is an understatement," commented
Linda Sampson, president and chief executive officer of Marapharm Ventures.
About Marapharm Ventures Inc.
Marapharm Ventures is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Marapharm Ventures has rapidly expanded to include having cultivation, production and dispensary locations in the key North American states of Washington, Nevada and California, and is seeking expansion opportunities worldwide.
We seek Safe Harbor.
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