Marapharm Ventures Inc. (CSE: MDM.CN) (FSE: 2M0) (OTCQB: MRPHF) announced today that it has closed escrow and has title and possession of a second cannabis property located in Desert Hot Springs, California for a purchase price of $520,000 USD. The transaction was first announced in August, 2017 when Marapharm entered into an agreement to purchase 1.25 acres of industrial property zoned for marijuana cultivation. Since the date of the purchase agreement, the property received an approved CUP, (conditional use permit), for 20,664 square feet of cannabis cultivation and manufacturing. The CUP award adds value to the property and indicates that operations can commence with little to no delay. The city has approved an interim plan for cultivation with a temporary certificate of occupancy. The first plants will be in the interim buildings by the end of 2017.
OTHER BUSINESS
The closing of the first tranche of the private placement (the "offering") of up to 80,000,000 common share purchase warrants (the "warrants") at a price of $0.10 per warrant for proceeds of up to $8,000,000.00 in total is in process with final paperwork and regulatory filings expected to be complete by the end of September, 2017 and the final tranche is expected to be closed and filed by the end of October 2017.
The Company has granted the Corporate Accountant 50,000 shares at $1.02 per share for $ 51,000.00 in accounting services. In addition, stock options to purchase up to 350,000 common shares at an exercise price of $1.02 per share have also been granted pursuant to the Company's stock option plan.
About Marapharm Ventures Inc.
www.marapharm.com
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.
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