CSE: MDM FSE: 2Mo OTCQB:MRPHF
KELOWNA, BC, Nov. 16, 2017 /CNW/ - Marapharm Ventures Inc. ("Marapharm" or the "Company") provides an update as to its production at its interim facility in Las Vegas, Nevada. The Company reports that the mother plants continue to grow healthy and strong in the interim facility grow room. The plants are being grown in full organic soil under a no-till biodynamic program. This will ensure compliance with certifications offered by industry partners and provide the healthiest mother plants possible. Healthy mothers translate to healthy clones. Since the mother plants have started to branch out, the cloning process has begun. The cloning process will ensure new moms can be chosen to help in producing high numbers of clones for production. A substantial number of clones will go towards the first revenue producing crop. 500 clones have already been prepped to be transitioned into the starter buildings once completed. Each mother plant can produce up to 100 clones per month. Each clone produces about 1/4 pound of product with a current market price of up to $800.00 per clone.
"The plants are growing like crazy! Marapharm will soon be the revenue model we envisioned from the beginning. The buildings we have are state of the art and have been custom designed to be flexible and expandable across our operations to assure that harvests will be protected. Operating costs are estimated at 20% less than a conventional system and prices for cannabis products are presently double what we originally estimated. This is great news for our shareholders!" Linda Sampson, Marapharm CEO.
Construction photos are available on the Marapharm web page.
On November 2, 2017, Marapharm announced that construction of the 2 starter facilities was expected to be complete on or about November 30, 2017.
Marapharm announced on October 10, 2017, that construction of a third building of 65,635 square feet and that building plans were expected to go to bid in October 2017. Plans have been completed and have gone to manufacturers for bid.
Marapharm announced on September 18, 2017, that plants in the Las Vegas interim facility were being started. Mother plants will transition to the permanent cultivation buildings on or about November 30, 2017.
The Company cautions that the price per clone is based on current market prices and may not persist to into the future and any financial forecasting based on the current price for clones is speculative.
We would like to remind shareholders that there is an open house in Las Vegas, Nevada, November 17, 2017. Register at www.marapharm.com for your invitation.
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 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]