Receiving license approval from a health board is a rigorous process. Typically, an application must pass several stages of clearance before a final license approval is granted. So it’s quite a milestone for Canadian medical marijuana company Marapharm, Inc., a wholly-owned subsidiary of
Marapharm Ventures Inc ($MDM:CNX), to be able to announce that its Marijuana for Medical Purposes Regulations (MMPR)application has progressed to Health Canada’s most crucial clearance stage. For Marapharm, approval of this license will further its goal to thrive in the emerging medical marijuana industry.
The license submitted by Marapharm Inc has now reached the security process stage. Once the application has cleared all stages and the company is granted a MMPR license, Marapharm will begin construction of new facilities on 11 acres in British Columbia’s Okanagan Valley.
The MMPR, a Canadian regulatory board, oversees the production, distribution and use of medical marijuana. The board ensures that Canada’s 50,000 registered users have access to medical marijuana that was produced and distributed under safe and sanitary conditions.
Major Medical Marijuana Opportunities in Canadian Market
Marapharm is a company that invests and acquires North American and select international start-up ventures in the medical and recreational Marijuana markets. One year after the legalization of medical marijuana in Canada, 500 patients had registered. Today, Health Canada estimates that the industry has the potential to be a billion-dollar industry in several years.
Also, this announcement follows the news that Marapharm will begin initial construction of a Las Vegasmedical marijuana plant. Las Vegas, where medical marijuana has been legal since 2000, just opened its first dispensary this past July. Along with registered medical marijuana users expected to increase, the legalization of the recreational use of marijuana is on the 2016 ballot.
Currently, British Columbia is home to six licensed producers. With Health Canada’s approval, Marapharm will be among Canada’s 26 licensed medical marijuana producers. With investments in both Canada and the United States, Marapharm is aimed be a major medical marijuana player in North America.
For more information about Marapharm Ventures, visit www.marapharm.com.
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