KELOWNA, BC, March 22, 2018 /CNW/ - Marapharm Ventures, Inc. (CSE: MDM) (OTCQX: MRPHF) (FSE: 2M0) ("Marapharm,", "Company") announces that it will expedite the construction of its California Greenhouse Facility. The Company's goal is to accelerate its ability to supply cannabis flower and ancillary products to its dispensary, which has exceeded revenue projections since February 13th, 2018. Current vendor supply has been established and is meeting present-day demand of cannabis flower and products to the dispensary.
The 1.25 acres of industrial property with a Conditional Use Permit (CUP) for 20,664 sq. ft. of cannabis cultivation, 7,635 sq. ft. of processing and a 11,832 sq. ft. greenhouse, as well as administrative offices, located in Desert Hot Springs, California.
This project faced delays due to changes in predetermined structural engineering plans and technical determinations for equipment in order to allow the Company to maximize its production. The Company is now confident that the greenhouse facility will be constructed to be efficient with a cost-effective budget and timeline.
The Company engaged MSA Consulting Inc. (www.msaconsultinginc.com) a premier Civil Engineering, Planning and Surveying firm. They are collaborating with our Director of Operations to design and execute the fully engineered architectural plans, in preparation for the final Local Planning Department approval. This will allow the Company to "break ground" in August 2018.
The greenhouse will be constructed by Next G3Neration (www.nextg3ngreenhouse.com). The Next G3N automated light deprivation system includes a 3-layer blackout material ideal for desert climates. The system has full airflow and cooling capabilities when closed and is considered a year-round workhorse by the Company.
Marapharm will use "rolling greenhouse tables" to eliminate the need for dedicated aisles allowing us to maximize our canopy space.
PRIVA will provide the irrigation and disinfection system. PRIVA, is based in Holland and is the world leader in Horticultural design, automation and control. It will 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 the HVAC System, provided by Surna, the Industry leader in indoor cultivation climate control.
On May 1, 2017, the Company announced that it had entered into an agreement to purchase an additional 7.01 acres located in Desert Hot Springs, California. The development had an approved CUP for 102,125 sq. ft. of cannabis cultivation and processing. The agreement was contingent on the approval of up to 40,000 sq. ft. of interim facilities. Extensions to escrow and due diligence has proven that in the best interest of the Company, this acquisition will not be pursued. Marapharm will focus on the two properties they currently own and bring them to production.
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 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 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]