KELOWNA, BC, Dec. 20, 2017 /CNW/ - Marapharm Ventures Inc., "Marapharm" announces that the City of Desert Hot Springs, California has approved Green Leaf Wellness for recreational marijuana use. The closing of the transaction has been extended, and is to be within 48 hours of the assignment of the lease of the property. This is the only contingency remaining and all other due diligence has been completed.
Green Leaf Wellness has successfully been in the medical marijuana retail business for 3 years and has developed a strong following of clients. It currently operates from a leased space within a strip mall located on the main road in Desert Hot Springs. There is 3200 square feet of retail space on the ground level and 3000 square feet of subterranean cultivation space. The retail space is only partially utilized and is managed by 5 employees, and presently nets approximately $35,000.00 USD per month from sales. The cultivation space has not been utilized, although it is licensed to grow and will immediately be used as such.
Marapharm has developed a new website which is ready to launch when the transaction has been completed. Marapharm has developed a "bud tending" training course and all staff will be trained to professionally serve customers with a strong knowledge of the products for recreational use and medical suitability.
"The dispensary gives us an integrated model for cultivation, production and retailing cannabis products and it is great news that the city has approved the facility for recreational sales. Medical licenses in California are allowed to transition to recreational ones January 1, 2018." Linda Sampson, Marapharm CEO.
NEWS RELEASE REFERENCE
Marapharm announced November 27, 2017 that it entered into an agreement to buy an operating dispensary for $1.6 million USD located in Desert Hot Springs, California based on the following terms: One hundred sixty thousand ($160,000.00) cash deposit was paid at removal of contingencies to Marapharm's California attorney which shall be deposited with an escrow company of Buyer's choosing. Once contingencies were removed by Buyer on or about November 15th, 2017, this deposit became non-refundable to Buyer. One million four hundred forty thousand ($1,440,000.00) in cash is payable by Buyer on closing. The transaction will close when regulatory matters are concluded, which is to be on or before December 31, 2017.
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.
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]