Disclosure NewswireTMiCrowdNewswire - Feb 13, 2018
KELOWNA, BC, – Marapharm Ventures Inc. (CSE: MDM) (OTXQX: MRPHF) (FSE: 2M0) (“Marapharm” or the “Company”), an active participant in the legal cannabis industry on both sides of the Canadian and US border, commented on Canadian Securities Administrators (“CSA”) Staff Notice 51-352 (Revised). Issuers with U.S Marijuana Related Activities (the “Notice”)
The Notice sets out the disclosure expectations for specific risks facing issuers with marijuana-related activities in the U.S. The revised notice includes additional disclosure expectations that apply to all issuers with U.S. marijuana-related activities and reiterates the CSA’s position that a disclosure-based approach remains appropriate in the current circumstances. The revised notice also reinforces the rights of individual stock exchanges to determine the eligibility of individual issuers to list based on those exchanges’ listing requirements. The Canadian Securities Exchange, the Exchange on which Marapharm is listed, has repeatedly expressed support for issuers with U.S. cannabis assets.
“Nevada marijuana sales continue to soar well above the state’s projections. November’s totals were $11 million more than the state projected for the month, with dispensaries selling $33.4 million in marijuana and the state bringing in more than $5.5 million in taxes in November.” https://www.reviewjournal.com/news/pot-news/nevada-marijuana-sales-dip-but-exceed-november-projections/
“According to the state’s marijuana data dashboard, the state has collected $280 million so far in marijuana excise taxes in fiscal 2017, which ends June 30. The earlier projections were for $272 million in this fiscal year. The excise tax is 37 percent on retail sales.
Sales of legal marijuana in Washington state have climbed to $1.2 billion in the fiscal year now drawing to a close, up from $786 million in fiscal 2016, and $259 million the year before.” https://www.tre.wa.gov/portfolio-item/washington-state-marijuana-revenues-and-health/
“California’s cannabis market is expected to soar to $5.1 billion — and it’s going to be bigger than beer.” http://www.businessinsider.com/california-legalizing-weed-on-january-1-market-size-revenue-2017-12
“Marapharm’s management is pleased with the content of the notice and is encouraged that regulators are taking a disclosure-forward approach to what is a complex issue, especially given the differing legal status of cannabis from State to State, as well as its status as a scheduled narcotic from the Federal Governments vantage point. Marapharm feels that the US Federal Government does not intend to meaningfully alter the way that existing cannabis business is conducted within legal US jurisdictions and believe the absence of meaningful enforcement in those legal states that have opted for recreational and medical legalization is proof of this. Marapharm intends to continue to pursue opportunities that may arise in the U.S. and encourages investors to take comfort from recent developments and successes,” states Linda Sampson, Marapharm’s 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 OTCQB, and in Europe, ticker symbol 2Mo on the FSE. Marapharm also trades on other recognized platforms in Europeincluding 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.