A US focused cannabis operator provided its shareholders with a progress report on its development in the northern Las Vegas area.
Marapharm Ventures (CSE:MDM,OTCQX:MRPHF) issued an update on Thursday (June 14) regarding on the final inspection for its cultivation facilities in North Las Vegas in order to obtain “certificates of occupancy.”
The company is waiting to obtain the critical certificates by the city of North Las Vegas, after a successful inspection from the Public Works Department and an upcoming approval from the North Las Vegas Fire Department.
Linda Sampson, CEO of Marapharm, said the facilities of the company will be able to produce “triple organic” strains soon to debut in their dispensaries in Las Vegas.
The company also shared with investors three of its medical certificates for production and cultivation were renewed for 2018-2019, while its three recreational ones are currently in the same renewed process.
Marapharm also announced the official ordering of the early development for a planned phase 2 construction of a 65,000 square feet three-story cultivation facility. According to a market projection by Statista, the current forecast for the estimated sales of marijuana in Nevada reach US$814 million in 2025. For 2019 the research firm projected sales of cannabis reaching US$433 million.
Earlier in the year, the Associated Press reported medical and recreational sales for the month of February brought in close to US$6 million in taxes. Chief state economist Bill Anderson told the AP sales in the state have surpassed projections every month.
Following a strong initial strong reaction from the market, after the trading session ended on Thursday, Marapharm’s shares increased 1.23 percent to reach a price of C$0.41.
Marapharm raises capital in Canada through the Canadian Securities Exchange (CSE), a stock market that has enjoyed a rush of cannabis listings since it welcomes US operations despite the country’s legal status of the drug.
Barrington Miller told the Investing News Network (INN) the CSE made a conscious decision not to block US companies with cannabis assets in the country even if they were unlicensed. Now as the momentum appears to be increasing for changes in the legality of cannabis and businesses in the industry for the US, the CSE seems poised to benefit from the newfound interest in the stocks operating the US market.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.