Marapharm Ventures COM NPV (OTCMKTS:MRPHF) has recently revealed that it will pay the Nevada Title, Escrow Agent, full payment and discharge of of the first mortgage funding on the 5.90-acre property in Las Vegas, Nevada. Aside from this, it is also paying debt-free cash for the additional 1.10-acre adjacent property.
EcoNevada, LLC Acquisition
The purchase of the properties is part of the company’s recent acquisition of EcoNevada, which is now its wholly-owned subsidiary.
Marapharm Ventures has purchased the remaining 25% equity interest of EcoNevada last month, leading to its 100% ownership of the acquired entitiy’s issued and outstanding shares. Consequently, the company now owns the licenses and permits of EcoNevada for 204,000-square-foot of cultivation and 16,000-square-foot of production.
With enough cash on hand, Marapharm Ventures has decided to settle its debt, particularly its mortgage fees. Accordingly, the company has paid a total of $445,500 for the 5.90-acre property and $110,000 for the 1.10-acre property, and has funded $309,000. It has also posted for wet and dry utility bonds amounting to $100,000. Moreover, Marapharm Ventures has also allotted over $100,000 for facility improvements.
Over 50 million adult tourists flock Las Vegas annually for its growing cannabis industry. Taking this into consideration, Marapharm Ventures wants to start penetrating the US marijuana industry by leveraging the evolving cannabis acceptance in a particular state.
“There’s no state corporate income tax, there’s no personal income tax, there’s City tax concessions, there’s excellent State incentives and we are located in a logistical hub of 11 state regions,” explained Linda Sampson, Marapharm Ventures CEO, about selecting Las Vegas, Nevada for the company’s expansion prospects in the US.
Sampson has also cited the excellent telecommunications system and attractive labor force in Las Vegas as some of the factors that weighed in the company’s decision making.
Last month, recreational marijuana has finally been legalized in Nevada and in three other states.
Marapharm Ventures has closed at $1.22 on Monday, up by 3.26%.