Marapharm Ventures Inc. purchases an operating cannabis dispensary in California and moves forward with development of a blockchain enabled delivery service
27 Nov, 2017, 08:00 ET
CSE: MDM FSE: 2Mo OTCQB: MRPHF
KELOWNA, BC, Nov. 27, 2017 /CNW/ - Marapharm Ventures Inc., "Marapharm" has entered into an agreement to buy an operating dispensary for $1.6 million USD located in Desert Hot Springs, California based on the following terms:
One hundred sixty thousand ($160,000.00) cash deposit was paid at removal of contingencies to Marapharm's California attorney which shall be deposited with an escrow company of Buyer's choosing. Once contingencies were removed by Buyer on or about November 15th, 2017, this deposit became non-refundable to Buyer.
One million four hundred forty thousand ($1,440,000.00) in cash is payable by Buyer on closing.
The transaction will close when regulatory matters are concluded, which is to be on or before December 31, 2017.
Green Leaf Wellness has been in business for 3 years and operates from a leased space within a strip mall located on the main drive in Desert Hot Springs. There is 3200 square feet of retail space on the ground level and 3000 square feet of subterranean cultivation space. The retail space is only partially utilized, is managed by 5 employees, and presently nets approximately $35,000.00 USD per month from sales. The cultivation space is not currently being utilized, it is licensed for cultivation and will be used specifically as such.
''This acquisition is very exciting for us. We own cultivation properties located within minutes of Green Leaf Wellness so there is a lot of synergy. The licensed cultivation space will immediately be used to grow cannabis for a taxable transaction which in turn allows the facility to obtain a recreational license. We are also brainstorming several ways to enhance the retail operations.
Green Leaf Wellness provides a staging location in California for the Marapharm Delivery Service (MDS), which is currently under development. MDS will be a full-service division of Marapharm. MDS will integrate a custom designed, proprietary blockchain platform named "Maracar" to provide security, corporate safety and immutability of data sent to and from connected delivery vehicles. The platform provides safety nets around the entire vehicle ecosystem.
In addition to enhancing security and safety, the blockchain architecture allows new applications and monetization of delivery data.
Maracar will expand and augment Marapharm's MDS proof of concept by providing streams of data captured on the blockchain. This enables better tracking of the fleet, management of the supply chain and accuracy for the insurance markets. Maracar compliments existing security applications and services while delivering new solutions that add value.
The dispensary gives us an integrated model for cultivation, production and retailing cannabis products and a foundation for the development of the delivery service. We have medical licenses in California which soon can become recreational ones." Linda Sampson, Marapharm CEO.
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.
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]
Share this article