Marapharm Ventures (CSE:MDM,OTCQB:MRPHF) has entered an agreement to acquire a licensed, operating, producing and processing marijuana business located in Washington state. The deal includes two marijuana licenses for production and processing, inclusive of all operating assets.
As quoted in the press release:
The licenses were granted to the Washington private company and the designated license holder by the State of Washington under Washington State initiative I502 in regards to the acquisition of a tier 3 production and processing license. The transferring of the licenses will be initiated to Marapharm’s designated license holder on closing, expected on or before April 29, 2016, in accordance with Washington State marijuana legislation and regulatory requirements. Medical and recreational marijuana use is legal in Washington State.
The acquisition complements the Company’s business strategy to expand its business footprint within the U.S. emerging marijuana markets and the rapidly increasing number of legalized medical and recreational jurisdictions in the United States. Pursuant to press releases, February 19 and March 8, 2016, Marapharm has acquired two medical marijuana licenses, an option to purchase an additional medical marijuana license, and owns 5.9 acres of land associated with the option in Nevada. The portfolio combined with the Washington State acquisition will result in approximately 303,000 square feet of U.S. marijuana licenses.