KELOWNA, BC, Dec. 29, 2017 /CNW/ - Marapharm Ventures Inc. ("Marapharm") announces that Veritas Pharma Inc. "Veritas" has been issued, to its subsidiary, a dealer's license from Health Canada which allows it to possess, produce, analyze, sell, send, transport, import, export and deliver cannabis, hemp and related products. The license also allows for the production of cannabis liquid extracts which with an export permit can be sent to other parts of the world.
Marapharm holds a total of 6,100,000 common shares of Veritas (a public company trading on: CSE: VRT; OTC: VRTHF; FSE: 2VP) representing approximately 15% in the share capital of the issuer, and assuming the exercise of the company's total 11,500,000 warrants, Marapharm would hold a total of 17,600,000 common shares or approximately 32% of the issued and outstanding common shares of the issuer, Veritas Pharma Inc. Marapharm invested in the company on January 9, 2017, January 11, 2017, and October 19, 2017.
The securities were acquired for investment and synergy purposes.
"Veritas shares have increased significantly in value since we invested in the company. The dealer license Veritas now has is a very significant milestone!
Veritas Pharma Inc. is a discovery and IP development company which advances the science behind medical cannabis. Veritas has also applied to Health Canada for a cultivation license. In addition, Veritas's team of 27 doctors, scientists and associates work tirelessly researching and testing strains of cannabis that control and reduce nausea. The growing number of patients undergoing chemotherapy and radiation is driving the market for anti-nausea medication. Transparency Market Research states that this market will reach a valuation of more than $2 billion within 2 years.
There is distinct synergy with Marapharm and Veritas to enhance our corporate and shareholder value." Linda Sampson, Marapharm CEO.
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 they have rapidly expanded their footprint to include production locations in the key North American states of Washington, Nevada, and California. They actively seek expansion opportunities worldwide.
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQB, and in Europe, ticker symbol 2Mo on the FSE. Marapharm also trades on other recognized platforms in Europe including Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.
Neither the CSE, the FSE nor the OTCQB® has approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQB® accepts responsibility for the adequacy or accuracy of this release.
MARIJUANA INDUSTRY INVOLVEMENT:
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate.
Marapharm owns marijuana licenses in California and Nevada. Marijuana is legal in each state however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that Marapharm's ability to access private and public capital could be affected and or could not be available to support continuing operations. Marapharm's business is conducted in a manner consistent with state law and is in compliance with licensing requirements.
Copies of licenses are posted on Marapharm's website. Marapharm has internal compliance procedures in place and has compliance focused attorneys engaged in jurisdictions to monitor changes in laws for compliance with US federal and state law on an ongoing basis. These law firms inform any necessary changes to our policies and procedures for compliance in Canada and the US.
FORWARD - LOOKING STATEMENTS:
Certain statements contained in this news release constitute forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions are intended to identify forward- looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.
SOURCE Marapharm Ventures Inc.
For further information: www.marapharm.com or Linda Sampson, CEO, 778-583-4476, email [email protected]