PALM BEACH, Florida, November 22, 2016 /PRNewswire/ --
The legal marijuana & cannabis industry is booming invarious sectors as companies in this space hustle to keep up with the skyrocketing demand post last week's elections through the acquisition of resources and other assets, along with product and services development. Active in the cannabis sector today
Marapharm Ventures Inc. (OTCQB: MRPHF) (CSE: MDM.CN) announces a second agreement to acquire assets in California - Marapharm announces, that in addition to the transaction described in the news release dated November 14, 2016, it has entered into another agreement to purchase an industrial facility in southern California and three (3) medical marijuana licenses for manufacturing, cultivation, and retail uses. The land size is 0.32 acres and the existing building size is 2,756 square feet, with an 18-foot-ceiling clearance, for a purchase price of $950,000.00 USD, based on a purchase price of less than $350 USD per square foot. There is excess land for expansion on the corner parcel and the yard area is paved and suitable for greenhouse growing. The purchase is subject to, and contingent upon, completion of satisfactory due diligence, including background checks, and closing documentation for the issuances of the three (3) licenses to Marapharm within 60 days, with the closing to take place 60 days from the removal of contingencies.
Read the full Marapham Ventures Press Release and recent news at: http://marketnewsupdates.com/news/mrphf.html
"We are really excited to have a second property as well as three more licenses in the California market. Marapharm is positioning to be an effective competitor and marketer in the most populous state in the nation. Smaller and well located facilities like this one are perfect for training staff and for product testing of new strains and products", says Linda Sampson, Marapharm CEO and director.
Marapharm also announces that one series of warrants has been fully exercised. The warrants were issued in an offering that closed on November 10, 2015, for an aggregate issuance of 661,250 units comprised of 661,250 common shares and 661,250 warrants exercisable into 661,250 common shares at an exercise price of $0.45 for one year. The maximum amount which could be received from the warrant exercises is $297,562.50, and this amount was received in full on November 10, 2016. In addition, warrants from an offering which closed on November 6, 2015, have also been fully exercised. The offering consisted of 1,247,000 units, each unit consisting of one (1) common share and one (1) common share purchase warrant, allowing the subscriber to purchase an additional common share at an exercise price of $0.75 within 1 year. As a result of the warrant exercise, Marapharm received $935,250.00 in full on November 6, 2016. The total amount received for the two warrant exercises is $1,232,812.50. In addition, other holders of warrants from other private placements are exercising their warrants in advance of the due dates and these amounts will be announced in due course.
In other industry news and happenings in the markets this week:
OWC Pharmaceutical Research Corp. (OTCQB: OWCP), a developer of cannabinoid-based therapies targeting a variety of different medical conditions and disorders, last week announced that Jeffrey Friedland, a member of the Company's Advisory Board, will be participating in Bloomberg Intelligence's first cannabis-related event; Cannabis Trends & Legalization Implications. Cannabis Trends & Legalization Implications was held Monday, November 21st in New York City, exploring the most important legal, medical and financial developments and issues associated with America's marijuana industry.
After dipping a bit in yesterday's trading, GW Pharmaceuticals plc (NASDAQ: GWPH) rebounded and closed up over 2% at $121.57 on just under 1 Million shares traded by the market close. GW Pharmaceuticals is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas.
Medical Marijuana, Inc. (OTC PINK: MJNA) announced last week that its major investment AXIM Biotechnologies, Inc. (OTCQB: AXIM), a world leader in hemp cannabinoid research and development, that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Application Serial Number 9,433,601, a patent that claims the use of all cannabinoids in cannabinoid-containing controlled-release chewing gum products. A Notice of Allowance is issued after the USPTO makes a determination that a patent can be granted from the application, filed in April 2015.
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