Marapharm Enters Agreement to Purchase California Dispensary

Marapharm Ventures (CSE:MDM; OTCQB:MRPHF) announced its intentions to buy an operating cannabis dispensary for $1.6 million in Desert Hot Springs, California.
As quoted in the press release:

One hundred sixty thousand ($160,000.00) cash deposit was paid at removal of contingencies to Marapharm’s California attorney which shall be deposited with an escrow company of Buyer’s choosing. Once contingencies were removed by Buyer on or about November 15^th, 2017, this deposit became non-refundable to Buyer.
One million four hundred forty thousand ($1,440,000.00) in cash is payable by Buyer on closing.
The transaction will close when regulatory matters are concluded, which is to be on or before December 31, 2017.
Green Leaf Wellness has been in business for 3 years and operates from a leased space within a strip mall located on the main drive in Desert Hot Springs. There is 3200 square feet of retail space on the ground level and 3000 square feet of subterranean cultivation space. The retail space is only partially utilized, is managed by 5 employees, and presently nets approximately $35,000.00 USD per month from sales. The cultivation space is not currently being utilized, it is licensed for cultivation and will be used specifically as such.

Click here to read the full press release.

Source: www.newswire.ca