KELOWNA, BC, May 30, 2018 /CNW/ - Marapharm Ventures Inc. (CSE: MDM) (OTCQX: MRPHF) (FSE: 2M0) ("Marapharm" or the "Company) is very pleased to report the continued growth during the first quarter of operations at its dispensary, Green Leaf Wellness, Desert Hot Springs, California.
Management reports a daily average surge in sales of 300% since the acquisition on February 13, 2018.
The business is enjoying a rise in consumers from other cities. Analytic reports indicate request for directions to our dispensary, in order of greatest numbers: Desert Hot Springs, Palm Springs, Cathedral City, Calimesa, La Quinta and Moreno Valley (a distance of 74km). A regular following which includes military veterans, continue to travel from Joshua Tree, Coachella Valley and military veterans from 29 Palms (a distance of 67km).
This quarter saw a steady increase in traffic, month over month, adding a total of 482 new consumers per month.
Merchandise selection has been improved from 15 products to over a 1000 now available.
Due to popularity, purchases of vape pens have increased by 600%. The expansion of inventory to over 20 varieties, allows for discreet dosing of varying combinations of THC and CBD. Demand for CBD topicals and products by the 55 plus demographic continues to grow.
The strength of the dispensary remains our staff. They continue to be an integral component of our success, by expanding our reputation of providing superior product knowledge and service to our clientele. The team is instrumental in building our business by sourcing and providing local product at competitive pricing.
In addition, our ratings have increased on Weedmaps which currently rates us with 4.9 stars out of 5 resulting from 519 reviews.
"The efforts of our team have enabled our dispensary to quickly establish itself as an industry leader and contributing member of the business community in the City of Desert Hot Springs ". Linda Sampson, CEO
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 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]