News: News Release
Feb 27, 2017 - Marapharm announces details of the business and revenue model for 13.6 acres of industrial land and buildings located in Washington
"The first steps in the plan are underway to create a cannabis campus with facilities on our property. Future plans could include a research and development laboratory, cultivation, ancillary products and processing. One existing building is presently being used for a tier 3 cannabis cultivator, licensed for up to 30,000 square feet of cultivation space. Currently, there are operations in only a 1500 square foot section of the building, while the remainder of the building is being prepared to undergo extensive renovations. The smaller space includes room for mothers, clones, vegetation, cultivation, drying, curing and processing, and also allows the license holder to produce approximately $50,000 US per harvest and 4 harvests have been produced since September 2016. This smaller space has enabled them to generate revenue in order to partially pay lease payments while training staff and developing specific strains to bring to market. The harvests are pre-sold to dispensaries and retailers are patiently waiting for the new strains and products that will be produced in the completed 30,000 square foot facility. Construction can finally get underway, because we now own the property and we anticipate the renovations to be completed on or before May 30, 2017. Once construction is complete in the main area, the remainder of the building will undergo the same upgrades.”
"The license holder also has an unlimited square footage processing license. Marapharm has a 9.000 square foot building alongside the cultivation center to be used as a processing facility. Applications for permits and regulatory approvals are underway. The facility will have Vitalis CO2 extraction equipment, a packaging center and a kitchen for edibles. The extraction equipment is designed to extract oil while maintaining the valuable terpene profile of each strain, and has a 90L capacity. The double chambers allow the equipment to operate without a down time during processing cycles. A menu of pre-approved edibles will be produced in the fully-equipped industrial kitchen. This turnkey designed facility will be a signature and highly functional space and is projected to produce revenues for the license holders of more than $2 million each month.” Linda Sampson, Marapharm CEO.
February 12, 2017 Marapharm announced that it's subsidiary Marapharm Washington, LLC "Washington WA" had entered into an agreement to purchase 13.6 acres of industrial, highway frontage property located a few minutes south of the Canadian border for $4.2 million US. The transaction closes February 28, 2017.Previously, on June 16, 2016, the Company announced that it had concluded a deal for a lease of a 30,000 square foot building and an option to purchase 13.6 acres of industrial property located in Whatcom County, Washington State. Further, on August 17, 2016, Marapharm announced that Marapharm WA had closed on the purchase of the assets of a 30,000 square foot operating tier 3 marijuana cultivation and processing facility, located in Washington State and on September 27, 2016 and November 1, 2016 provided updates with regard to the Washington operations. Marapharm has been making lease payments on the property and has chosen to act on the option to purchase the land.
