Marapharm Ventures, Inc. (OTCMKTS: MRPHF) has been investing in the medical and recreational cannabis space, since 2014. Marapharm has expanded its portfolio to include cultivation, production and dispensary locations in the US, in the key states of Washington, Nevada, and California, and are seeking expansion opportunities worldwide.
Though the company has been in business for quite some time, this is the first time we have taken the opportunity to mention the stock here on Street Register. After spending nearly the whole of 2018 thus far in decline, shares of MRPHF are just beginning to make a run off of their bottom, and it comes in conjunction with a busy couple of weeks for the company, per its news feed.
Marapharm Ventures, Inc. (OTCMKTS: MRPHF) this week revealed that the non-brokered private placement unit offering announced last week, for gross proceeds of $4,000,000, closed oversubscribed for total gross proceeds of $4,500,000.
The non-brokered private placement of 7,500,000 Units at CDN $0.60 per Unit. The Unit consists of one common share of the Company and one-half of one common share purchase warrant of the Company. Each warrant entitles the holder thereof to purchase one Common Share of the Company at an exercise price of $0.70 for a period of 12 months from the date of issuance of the warrant.
Pursuant to the terms of the warrants, the expiry date of the warrants may be accelerated should the closing price at which the common shares trade exceeds $0.85 for five consecutive trading days. Any warrants which remain unexercised after the accelerated expiry date will be cancelled.
The net proceeds raised from the Unit Offering are intended to be used for further development of the Company’s Las Vegas project, further development of the Company’s project in Washington State, and further development of the Company’s projects in California as well as general corporate purposes. The common shares and warrants issued pursuant to the Non-Brokered Offering are subject to a four month hold period. No finder’s fees will be paid in connection with this non-brokered offering.
“We are weeks away from entering production at our newly built facilities in Nevada. 2018 will be the first revenue producing year for the Company, we are passionate about our future and excited to achieve these significant milestones,” said Linda Sampson, CEO. (Source: Marapharm.com)
Also last week the company kept its shareholder’s updated with U.S. cannabis reform news. A U.S. House Committee has approved the first marijuana reform bill ever to be given a vote. While legalization supporters have previously scored victories in the form of amendments attached to larger legislation, none of their standalone bills have ever advanced before.
Tim Walz and Chairman Phil Roe, M.D. introduced H.R. 5520, the VA Medicinal Cannabis Research Act of 2018, to authorize the Department of Veterans Affairs (VA) to advance scientific and medical research into the safety and efficacy of medicinal cannabis usage by veterans with diagnoses such as post-traumatic stress disorder (PTSD) and chronic pain. Upon introduction, the legislation was cosponsored by 28 Democrats and 7 Republicans. (democrats-veterans.house.gov)
It could be a surprise if a piece of legislation like that could pass, but in truth, it may still be a longshot at this point. What we will be interested to hear more about are updates from MRPHF pertaining to the uses of these newly obtained funds. We’ll be sure to continue looking out for key events. We’ll stay up on any further developments with MRPHF and pass them along to you! Stay locked on StreetRegister.com and be sure you’re signed up for our 100% free small cap newsletter. It’s as easy as that! Simply submit your primary active email address in the box below. Subscribe now!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in MRPHF stock, short or long.