PALM BEACH, FL, Nov. 16, 2016 /CNW/ - With the demand for various facets of the cannabis market exploding behind momentum from this past election cycle, cannabis and legal marijuana based companies are also taking advantage of the upswing by positioning for rapid expansion and introduction of innovative products and services. Active in the Canadian and U.S. cannabis sector today include: Marapharm Ventures Inc. (CSE: MDM.CN), Aurora Cannabis Inc. (TSX-V: ACB.V), Supreme Pharmaceuticals Inc. (CSE: SL.CN) and Cronos Group (TSX-V: MJN.V)
Marapharm Ventures Inc. (CSE: MDM) (MDM.CN) (OTCQB: MRPHF) announces that it has entered into an agreement to purchase an industrial facility in southern California and three (3) medical marijuana licenses 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 USD, based on $450 USD per square foot for the building and $65 USD 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 (3) licenses to Marapharm within 120 days, with the closing to take place 120 days from the removal of contingencies.
Read the full Marapharm Press Release at: http://marketnewsupdates.com/news/mrphf.html
"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 6th 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," says Linda Sampson, Marapharm CEO.
Marapharm has 300,000 square feet of medical marijuana licenses, land, and facilities in WA and NV and, about two and a half years ago, Marapharm applied in Canada to Health Canada for a MMPR (Production and Sales) license, 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.
In other cannabis sector performances of note this week:
Aurora Cannabis Inc. (TSX-V: ACB) (ACB.V) closed up over 22% at $2.63 on Tuesday on over 10.2 Million shares traded by the market close. Aurora Cannabis Inc., together with its subsidiaries, cultivates, harvests, produces, and distributes medical marijuana and cannabis oil products in Canada.
Supreme Pharmaceuticals Inc. (CSE: SL) (SL.CN) closed up over 25% at $1.65 on Tuesday trading over 9.77 Million shares by the market close. Supreme Pharmaceuticals Inc., a development stage company, engages in the production of medical marijuana in Canada. The company was formerly known as Supreme Resources Ltd. and changed its name to Supreme Pharmaceuticals Inc.
Cronos Group (TSX-V: MJN) (MJN.V) closed up over 29% on Tuesday closing at $1.45 on over 2 Million shares traded by the close. Cronos Group, formerly known as PharmaCan Capital Corp., is a principal investment firm. The firm seeks to invest in companies either licensed, or actively seeking a license, to produce medical marijuana pursuant to Canada's Marihuana for Medical Purposes Regulations.
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