KELOWNA, BC, Sept. 14, 2018 /CNW/ - Marapharm Ventures Inc. (CSE: MDM) (OTCQX: MRPHF) (FSE: 2M0) ("Marapharm" or the "Company") is pleased to report that Green Leaf Wellness Dispensary made profitable progress during the six-month California regulatory transition period to MAUCRSA (Medicinal and Adult-Use Cannabis Regulation and Safety Act).
During the transition period, January 1, 2018 to June 30, 2018, cannabis businesses were forced to sell their inventory of noncompliant flower, edibles and concentrates before the new stringent regulations of July 1, 2018; after which date all noncompliant products would have to be destroyed.
Management and staff at Green Leaf Wellness Dispensary took exemplary measures to prepare for the new regulations and have shown increase to profits and higher traffic volumes.
Our Manager was pre-emptive, placing orders for compliant product well in advance and ensuring its delivery by July 1st. In addition, restructuring the marketing of noncompliant product prior to the deadline with minimal loss to the dispensary.
Many dispensaries in the surrounding area suffered losses and were forced to close, due to lack of planning and access to compliant product. The United Cannabis Business Association (UCBA) estimated $400 million in losses of unsold and destroyed cannabis in California after July 1, 2018. To view the full article visit https://www.ucba.com/blog/pot-businesses-urge-california-to-delay-strict-testing-rules
"The cannabis economy continues to thrive in the Coachella Valley. Communities are benefiting from tax revenue; our dispensary alone has paid approximately $65k since February 2018. In addition, we have created 10 full time employment opportunities, and as a whole, the new compliant cannabis industry in Desert Hot Springs has created several hundred new, permanent positions." Management
ABOUT MARAPHARM VENTURES INC.
Marapharm is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Marapharm has rapidly expanded to include having cultivation, production and dispensary locations in the key North American states of Washington, Nevada, and California, and are seeking expansion opportunities worldwide.
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQX, and in Europe, ticker symbol 2M0 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 OTCQX® has approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQX® 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]