KELOWNA, British Columbia, Nov. 23, 2017 /CNW/ -- Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) (FSE: 2M0) ("Marapharm" or the " Company") (http://www.marapharm.com/) "Marapharm" says that their annual AGM (Annual General Meeting) in Las Vegas, Nevada, on November 17, 2017, was well attended and successful.
The open house that followed was held at the Marapharm facility in Las Vegas, and showcased Marapharm's successes thus far as well as allowed for those driving that success to show their appreciation.
This event was attended by more than 300 shareholders, investors, and industry leaders who travelled from Canada, Germany, Switzerland, Spain, England, and all over the United States to celebrate Marapharm's exponential growth in such a dynamic and rapidly expanding industry.
''The corporate strategy was reaffirmed at the AGM and we are looking forward to a great 2018. The open house was fantastic! So many people attended! Marapharm's President, Brian Lovig, was joined by Councilman Isaac Barron and Councilwoman Pamela Goynes-Brown for the ground-breaking for the third building which is a 65,635 square foot cultivation building," said Linda Sampson, Marapharm CEO.
Photographs of the event are being posted daily on our website.
Marapharm engaged Kurt Keating to do the evaluation of the 65,635 square foot facility located in Las Vegas. Kurt won 2 High Times Cannabis Cups in 2014 while cultivating medical cannabis and he has been consulting, evaluating and growing cannabis for several years. The market price for this type of marijuana at present is approximately $2300 wholesale per pound in Nevada. The evaluation for the three floors is 22,600 pounds per year. Current pricing and comparable facilities in Nevada indicate that revenue from the new 3 story building could potentially be $50 million gross and $30 million net, after operating costs, for the first year of production which is expected to begin in 2018. (source Kurt Keating).
The Marijuana Business Conference and Expo, the industry's largest annual gathering, was held in Las Vegas the week of Marapharm's AGM and Open House.
18,000 cannabis business leaders and investors attended the conference to listen to the 110+ speakers and interact with the 678 exhibitors that took over 300k square feet of Expo Hall space. Marapharm partners and employees were among the forward thinking visionaries who were excited to witness the progression of our industry.
About Marapharm Ventures Inc.
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 U.S. federal law and the approach to enforcement of U.S. 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.
FOR FURTHER INFORMATION:
SOURCE Marapharm Ventures Inc.