Marapharm Ventures Inc. Updates shareholders on market activity as Frankfurt's Clearstream announces closure of its doors to North American cannabis stocks
28 Jun, 2018, 08:03 ET
KELOWNA, BC, June 28, 2018 /CNW/ - Marapharm Ventures Inc. (CSE: MDM) (OTCQX: MRPHF) (FSE: 2M0) ("Marapharm" or the "Company") updates its shareholders on the recent announcement by Clearstream, a major central securities depository based in Frankfurt, Germany and comments on Company position.
On June 25, 2018, Clearstream Banking announced that they will only offer processing of receipt free of payment and against payment instructions from the local market until close of business on settlement date 29 June 2018. The Bridge will be closed from this date.
Clearstream Banking will continue to offer the services until close of business on settlement date 28 September 2018 after which they will no longer settle and safekeep securities where the main business is connected directly or indirectly to cannabis and other narcotics products. The company cited "legal reasons" for the change, and shared a list of 147 impacted securities, including many U.S. and Canadian companies such as Marapharm Ventures Inc., Aurora Cannabis Inc., Canopy Growth Corporation and GW Pharmaceuticals.
To read the full list of companies and news release visit: http://www.clearstream.com/clearstream-en/products-and-services/settlement/d18044/97742
Marapharm has always had a robust following of shareholders in Germany and has enjoyed visits from numerous shareholders to the Las Vegas site as well as the Head Office. The drone footage of the Las Vegas site, available on our website, was filmed and prepared for us by a shareholder visiting from Germany. It is with regret that Marapharm received this news. We understand that alternative options are being sought and we will keep shareholders informed as we get the opportunity to review these alternatives should they become available.
Since September 14, 2016, Marapharm Ventures Inc., has witnessed significant volume traded on three platforms (CSE, FSE, OTCQB/OTCXQ), totalling 259,291,099 shares. We strongly believe that the Company has been greatly affected in both the Canadian and US Markets ahead of the official news coming out of Germany as a sudden spike in trading has resulted in excess of 45 million shares being traded in as little as 30 days alone. During this 21-month period the Company has reinforced its strong position of progress through growth and expansion of its asset portfolio, enabling us to be revenue producing in 2018.
"Unfortunately, what we are witnessing, at least in the very short term, is a major clearing firm has put all of its related German investors on notice to settle their holdings of any cannabis related stock and rather aggressively at that. Just how far reaching this one particular clearing house is, is not yet known, but it appears substantial enough to create a buying opportunity at these levels." Corey Klassen, VP of Corporate Development.
It is with confidence that the Company provides a summarized update on its projects.
Nevada: The facilities were inspected by the City and a few minor changes were required before they will issue the occupancy permit. Workers are performing these corrections and installations on site. On receiving the occupancy permit and final state walk through cultivation can be transferred to these buildings. New drone footage can be viewed at www.marapharm.com
California: The Company received Conditional Use Permit approval for changes made to the design of its second cultivation center in Desert Hot Springs. This brings the first cultivation facility to the final engineering stage and the second facility to the start of engineering design. The dispensary in Desert Hot Springs has tripled revenues in its first three months.
Washington: The building is ready for it's interior improvements. Site preparation has been completed allowing for the completion of planting.
Canada: The Company entered into an LOI with Full Spectrum Medicinals with a view to transferring the late stage application on to property owned by FSM in the Salmon Arm area in British Columbia.
Maragold products: The CBD-infused natural oil skin care line went on to shelves at the dispensary in Desert Hot Springs.
"The evolution to access medical and recreational cannabis legally has created global challenges on all business and governmental platforms. We continue to face industry challenges together and are confident that all of our shareholders, and future investors will ultimately have their choice of international financial institutions all over the world". 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]
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