KELOWNA, BC, Feb. 28, 2018 /CNW/ - Marapharm Ventures Inc. ("Marapharm" or the "Company") is pleased to announce that we are now in the final installation stages of cultivation and production equipment. The Company has been selective regarding the technologies to be implemented in the facilities, to maximize profitability while producing the highest quality cannabis. Our facilities are expected to be the first in operation in the immediate geographical area of North Las Vegas. Our goal is to transfer our plants from the temporary modular buildings to our permanent cultivation facilities on 4/20 (April 20, 2018).
The installation of the HVAC equipment is underway. In climates where extreme temperatures are common it is essential to install HVAC equipment designed to perform under stressful conditions. We are leveraging propane engines to produce chilled water for our HVAC needs. This system will allow precise control over both temperature and humidity, while reducing our reliance on electricity supplied by the grid. Components of the heat exchangers, manufactured in Italy, caused a minor delay and have now been shipped.
During a review and audit of the emergency power and back-up procedures, it was determined that an on-site, backup power generation scenario was needed. We opted for automatic transfer switch gear, this will allow power to be automatically restored, at full capacity, in the event of a power interruption. This measure will safeguard the source of our revenue and the health of our plants. The equipment has a 10-week lead time for manufacturing.
The Company has focused its cultivation efforts on using all Organic Material Review Institute (OMRI) inputs. This allows us to partner with several certification providers that follow the National Organics Program protocol. Providing the cleanest possible cannabis is our goal and we are happy to work with these 3rd party certifiers. This provides our consumer base the confidence that our product is produced without toxic chemicals.
As previously announced on December 21, 2017, the Company selected American Buildings Company to manufacture the third facility. The order has been placed on hold while engineers review and evaluate the load bearing capacity of the second and third stories, due to our cultivation requirements.
State mandates for the final inspection and occupancy permitting have required supplementary construction which has extended our completion schedule by approximately 12 weeks. Security and safety features, including a reinforced room to house the extraction equipment, have been installed per state and local requirements.
"Thank you to all of the shareholders who have been supportive during the construction process, the unforeseen challenges and state compliance. The Company, during its vigorous growth, has successfully navigated its way through this highly regulated sector." 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 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]