Marapharm Ventures (MDM.C) added to its considerable land holdings when the company announced yesterday that its wholly-owned subsidiary, Marapharm WA, inked an agreement to purchase 13.6 acres of industrial land just south of the Canadian border in Washington state.
According to the news release, the $4.2 million transaction executes an option Marapharm received when it closed the purchase of the assets of a 30,000 square foot operating tier 3 marijuana cultivation and processing facility located in Whatcom County.
The 13.6-acre property is zoned for Washington State’s I-502 marijuana cultivation and processing requirements.
On top of the 30,000 square foot facility with marijuana cultivation and processing licenses, there is a 9,190 square foot truck wash building, a 7,200 square foot mechanic shop and a 2,208 square foot building and large sheds.
Marapharm CEO, Linda Sampson, commented on the property, “Marapharm WA plans to develop the property for cultivation, processing and research purposes, with the intention of creating a Cannabis Campus. We will continue to renovate the buildings which are presently in use, as well as, develop and build new structures as required. Since legalization, sales of marijuana products in Washington are more than $1 billion and taxes for the State are more than $250 million. This is a booming sector.”
Marapharm currently has 300,000 square feet of medical marijuana licenses for its land and facilities in Washington, Nevada and New York.
The company also has an application with Health Canada for an MMPR license. The application has passed all necessary security clearances and is presently going through the in-depth screening process.
FULL DISCLOSURE: Marapharm Ventures is an EQUITY.GURU client.