December 4, 2016 Marapharm Ventures Inc. pays off mortgage on Las Vegas, Nevada property
Marapharm Ventures Inc. ("Marapharm") announces that it is paying the Nevada Title, Escrow Agent, for full payment and discharge of the first mortgage financing on 5.9 acres located in Apex Industrial Park, Las Vegas, Nevada. In addition Marapharm is paying cash without debt for the previously announced addition of 1.1 adjoining acres.
"We've received several million dollars recently from warrants being exercised by loyal shareholders with more coming in daily, and we decided to pay off our debt, which is this one mortgage. We paid $445,500 USD for the property and financed $309,000. In addition we paid taxes and fees and posted about $100,000 for wet and dry utility bonds. We've also done improvements on the site and have invested more than $100,000 on site and facilities planning. And we've paid for buildings that are to be delivered within 3 weeks and erected for cultivation. The monthly mortgage payments were $2,785.22" said Linda Sampson, Marapharm CEO and she added "paying off a relatively small mortgage and paying $110,000 cash for the 1.1 acres may not sound like a big deal but to us the significance is that we did what we planned to do in terms of reaching our milestones."
"With more than 50 million adult visitors each year, Las Vegas is known as the best cannabis play in the world. Marapharm chose Las Vegas and Nevada for its model and for a place we wanted to be for doing business. There's no state corporate income tax, there's no personal income tax, there's City tax concessions, there's excellent State incentives and we are located in a logistical hub of 11 state regions. Further there's an educated and cost effective workforce and a superior telecommunications infrastructure. So we believe that we are in the right place at the right time" says Linda Sampson. Marapharm CEO.
ABOUT MARAPHARM VENTURES INC.
Marapharm has 300,000 square feet of medical marijuana licenses and land and facilities in WA and NV and about two and a half years ago, Marapharm applied in Canada to Health Canada for a MMPR (Production and Sales) license and has passed the necessary security clearances. The application is currently in the in-depth screening process. In September 2016, Health Canada contacted Marapharm with a provision to amend its application to allow for the new regulations, ACMPR.
Additional information on the operations or financial results of Marapharm are included in reports on file with applicable securities regulatory authorities and may be accessed through the CSE website (www.thecse.com), the OTC website (www.otcmarkets.com) and Sedar website (www.sedar.com) under the profile for Marapharm Ventures Inc.
FOR FURTHER INFORMATION:
www.marapharm.com or Linda Sampson, CEO, 778-583-4476 email@example.com
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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.