Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) (FSE: 2M0) ("Marapharm" or the " Company") (http://www.marapharm.com/) announced today that it has entered into an agreement to purchase 1.25 acres located in Desert Hot Springs, California. The property has an approved CUP, (conditional use permit), for 20,664 square feet of cannabis cultivation and manufacturing. The purchase price is $520,000 USD. The transaction is scheduled to close on or before August 31, 2017. The city has approved an interim plan for cultivation with a temporary certificate of occupancy which increases the value of the acquisition.
"As is the case with our operations in Nevada and Washington, we are growing quickly to become a dominant player in the California cannabis market. This is the third acquisition of property we plan to use for cannabis operations in California and it brings us to 9.49 acres and 151,875 square feet of provisional licenses for medical cannabis. Where appropriate and in line with market and demand, we will transition these to recreational licenses," Linda Sampson, Marapharm CEO.
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