07 Mar, 2018, 08:07 ET
KELOWNA, BC, March 7, 2018 /CNW/ - Marapharm Ventures Inc. (CSE: MDM) (OTXQX: MRPHF) (FSE: 2M0) ("Marapharm" or the "Company"), is pleased to announce that the rehabilitation of the cultivation site will be completed by the end of March.
Washington State Liquor Control Board recently released cannabis sales reports for October 2017, making this a record month with the generation of $142 million taxable revenue. Current market values in Washington State will enable our tier 3 tenant to recommence production and sales into this lucrative marketplace, triggering the retroactive lease revenue owed to the Company with additional generation of revenue for ancillary services.
During renovations we have worked closely with our architect and engineering partners to design one of the most advanced and environmentally friendly cannabis cultivation sites in North America. To operate in the Pacific Northwest climate the 28,000 sq. ft building has a new silicone membrane roof and the interior has been insulated with expanding, closed cell foam. Our flagship tenant AlphaPheno Inc., a tier 3 producer and processor will be able to cultivate 30,000 sq. ft of plant canopy, the maximum allowed by the license, in just 28,000 sq. ft of floor space with minimal water, power and waste.
These environmental objectives will be accomplished by leveraging several industry leading solutions which are incentivized by our utility partner and better allow us to embrace more environmentally-conscious cultivation practices:
Montel Industrial Storage designed a 2-tiered mobile racking system that allows aisles to slide open, maximizing floor space and doubling our canopy in each room. PRIVA, based in Holland is the world leader in Horticultural design, automation and control. PRIVA is contracted to deliver an irrigation and disinfection system that allows for automation of nutrient delivery and a 98% capture of all water in the facility for re-use, including irrigation run-off and condensate water from all HVAC equipment. Almost 75% of our water will come from a commercial rainwater capture system designed by local sustainable civil engineering firm 2020 Engineering. The facility will be outfitted with state-of-the-art horticulture lighting from Fluence Bioengineering. The Fluence LED systems are purpose-built in the USA for commercial horticulture, and designed to increase crop yield, enhance chemotype expression, and shorten cycle times while simultaneous increasing energy efficiency.
We are employing CO-GEN technology to reduce our reliance on the electrical grid. This system will use natural gas to power turbines that create energy for use in our operations. The turbine produces heat, as a by-product of energy generation, which is then captured and turned into cooling power by the HVAC System, provided by Surna, the Industry leader in indoor cultivation climate control.
Our team continues to develop the master plan for the "Cannabis Campus" on the 13.1-acre site. This includes civil engineering for additional buildings to house a central extraction and commercial kitchen facility for processing, additional cultivation tenants and ancillary hemp/cannabis businesses.
"These engineered solutions will produce higher quality cannabis with the lowest cost of production compared to conventional indoor cultivators and shorten our return on investment timeline." Kurt Keating, Director of Operations.
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.
Web Program: marapharm.tv
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]
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