Marapharm Ventures Inc (CNSX:MDM) (OTCMKTS:MRPHF) Re-Organizes As It Transitions Into Mainstream Marijuana Business

Marapharm Ventures Inc (CNSX:MDM) (OTCMKTS:MRPHF) has announced the onboarding of a new board member. In a press realease, the company has reported that Mr. Rahim S. Mohammed comes in to fill a position of an independent director following the departure of two others.

Mr. Rahim is reported to be currently serving as CEO of APPx Crypto Technologies Inc., and who has previously served as President, CEO and Internal Auditor for multiple private and public companies.

The new addition is also reported to have a rich experience in the world of investments, media relations and financing. With these qualities, Marapharm hopes that the director can help steer the strategy of the company to success.

Nevada Licensing Update

In another release, the company has reported that it has successfully applied for and received 19 city and state regulatory licenses and permits in Nevada. The company has reported that application process is rigorous and laborious at the same time. For that reason, the company has taken a long time to acquire the permits.

The release notes that the State of Nevada, Department of Taxation issued a notice seeking applications from qualified applicants to award recreational marijuana retail store licenses. Sadly, the release notes that the number of available licenses is limited and in addition, a qualified company can only be granted licenses for three stores in Las Vegas and surrounding jurisdictions.

However, the statement goes on to say that the company will still apply for more licenses. Per the CEO, Linda Sampson, the company will prepare and produce retail applications to the state “regardless of the scope of work and the narrow 14-day application period.”

Moving to permanent facilities

In other news, the company is reported to be moving to other permanent facilities where it will be able to clone several products for productions. This comes after the company was reported to have acquired cultivation assets, water and land rights from two licensed cannabis growers in Washington. In a statement, Marapharm Director of Operations Kurt Keating revealed that the company has moved several clones to the new facilities where they can be cultivated and harvested.

By Emily Gibson

Emily is a graduate from Chicago with a B.A. in Business and Economics. Emily specializes in the biotech and health care sector, but also has a penchant for medical marijuana stocks, mining, retail, and automotive stocks, as well as personal finance and macroeconomic topics of interest.

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