09 Jan, 2018, 09:00 ET
CSE: MDM FSE: 2M0 OTCQX: MRPHF
KELOWNA, BC, Jan. 9, 2018 /CNW/ - Marapharm Ventures Inc. "Marapharm" is pleased to present its views to the Department of Justice's memos regarding marijuana enforcement policies for the United States and specifically, for this news release, for California. Marapharm owns 2 cultivation and production properties and is in escrow to close 1 cultivation facility and 1 cannabis dispensary in southern California.
"Marapharm's understanding and belief of the implications of what Jeff Sessions rescinding of the Cole Memorandum was is that there is no change in DOJ enforcement policy, but rather that it would be left to the discretion of the local US attorneys in the various districts to decide how and when to enforce federal laws. This does not amount to a change in policy. With regard to medical cannabis, since 2014 the federal budget has prohibited the government from using federal funds to prosecute medical cannabis businesses pursuant to a budget rider championed by US Representative Dana Rohrabacher of California, a Republican.
Marapharm's position is that there is no immediate or long-term threat to our Nevada or US operations. Marapharm believes that the administration and the Department of Justice will uphold President Trump's campaign promise to not interfere with state-legal cannabis programs. Accordingly, we are on fast forward with growth in the United States.
The Marapharm business model has always been based on medical marijuana and our projections support success in this field and with the addition of recreational production, show further success. We are on fast forward with our Canadian application and are looking at acquisitions in Europe." Linda Sampson, Marapharm CEO.
NOTABLE QUOTES ON CALIFORNIA'S POLITICAL POSITION:
California Attorney General Xavier Becerra: "In California, we decided it was best to regulate, not criminalize, cannabis. Unlike others, we embrace, not fear, change," "After all, this is 2018 not the 20th century. At the California Department of Justice, we intend to vigorously enforce our state's laws and protect our state's interests."
Lt. Gov. Gavin Newsom tweeted on Thursday: "Have no doubt, California will pursue all options to protect our reforms and rights."
Senator Kamala D. Harris (D-Calif.), a former state attorney general: "Instead of wasting money on failed policies like the 'War on Drugs,' the Department of Justice should be directing federal resources toward working with local law enforcement to clamp down on transnational criminal organizations and the trafficking of guns and human beings,"
Tom Angell, chair of the advocacy group Marijuana Majority: "In a weird way, I think the Sessions move might actually help us by accelerating efforts to change federal marijuana laws," "Whereas until now we've sort of been operating in a gray area, I think it's now clear that a permanent resolution is needed. That is reflected in the fact that so many lawmakers from across the political spectrum are pushing back hard right now."
After Jeff Sessions' announcement, California's state Bureau of Cannabis Control is showing no sign of slowing in the receiving and processing of applications for businesses seeking to legally grow, transport and sell marijuana. Lori Ajax, the bureau's chief, vowed to continue issuing permits "while defending our state's laws to the fullest extent."
The Department of Justice announcement is generating much needed discourse on the cannabis issue and may ultimately help the cannabis industry to push for some major changes on the federal level. For several years marijuana laws have been dealt with at state level. California was the first state to legalize cannabis for medical purposes in 1996. Voters passed an amendment legalizing recreational use in 2016 and recreational cannabis became legal January 1, 2018. Eight states have legalized cannabis for recreational use. Twenty-nine states plus two territories and the District of Columbia have legalized cannabis for medical purposes. An August 2017 the Quinnipiac poll found national support for cannabis at 94%. The Keith Fitz-Gerald Report, January 31, 2017 says that there are 191 million residents in the 8 states, which have approved marijuana for recreational use, and, that 90% of all Americans live in a state that allows some degree of legal marijuana use. According to Huffington Post, September 22, 2014, if all states legalized cannabis collectively they'd rake in more than $3 billion a year in taxes.
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.
Facebook: facebook.com/marapharm Twitter: twitter.com/marapharm 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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