“This week Marapharm quickly responded to the story published on August 2, 2017 in The Globe and Mail saying that the “CDS is considering a move that would make it difficult for investors to trade the shares of cannabis companies with US assets. Marapharm has property, buildings and several medical and recreational licenses in the US. Marapharm’s view is that even if the move by CDS were to happen, Marapharm would not be affected. While Marapharm trades on the CSE it also trades in the US on the OTCQB. Furthermore, in the US, Marapharm is an approved client of the Depository Trust Company, “DTC” located in New York City, which is a limited purpose trust company providing safekeeping through electronic record keeping of securities balances. DTC is a clearing house which processes and settles trades in securities. The DTC holds trillions of dollars’ worth of securities in custody. It settles funds at the end of each trading day. If there is any cause for alarm we will inform stockholders.” Linda Sampson, Marapharm CEO.
GLOBE AND MAIL STORY; excerpt:
Published Wednesday, Aug. 02, 2017 10:02 PM EDT Last updated Thursday, Aug. 03, 2017 12:15 PM EDT A company owned by Canada’s major stock-exchange operator is considering a move that would make it difficult for investors to trade the shares of cannabis companies with U.S. assets, potentially disrupting the flow of millions of dollars into the burgeoning marijuana industry. The company, Canadian Depository for Securities Ltd. (CDS), is a clearing house involved in millions of trades a day. It performs critical back-office functions in the capital markets and ensures that when investors make trades, the cash and securities wind up in the right hands. Sources say that CDS is contemplating a policy shift that would see it refuse to settle trades in a small group of cannabis firms with American investments. CDS is owned by TMX Group Ltd., which runs the Toronto Stock Exchange as well as other venues in which investors exchange financial assets. The Canadian markets have become a magnet for investors looking to cash in on the liberalization of marijuana laws in Canada, where legalization is set to take place next year, and in some U.S. states. Dozens of players in the pot industry have gone public on Canadian exchanges.
MARAPHARM NEWS RELEASE, JULY 27, 2016, excerpt:
Marapharm announces today that it has been made eligible for book-entry delivery and depository services of The Depository Trust Company (the “DTC”) to facilitate electronic settlement and transfer of its common shares on the US stock exchange OTC (otcmarkets.com, symbol MRPHF).
The Depository Trust Company is one of the world’s largest securities depositories. The DTC, founded in 1973 and based in New York City, is organized as a limited purpose trust company and provides safekeeping through electronic recordkeeping of securities balances, holding over thirty-five trillion dollars’ worth of securities on deposit. While there is no requirement that any security be held at DTC to trade, many brokerage firms and issuers want to take advantage of the efficiencies and costs benefits that DTC offers. In contrast many stock exchanges require DTC eligibility prior to listing of a security.
ABOUT MARAPHARM VENTURES INC.
Marapharm has recreational licenses for marijuana cultivation and production facilities of up to 400,000 square feet in WA, CA and NV. In Nevada, the proposed building footprint is 360,000 square feet. The Nevada Department of Agriculture report by Tessa Rognier states that the average size of a cultivation facility in Nevada is 26,000 square feet. About three years ago, Marapharm applied in Canada to Health Canada for a MMPR (production and sales) license and has passed the necessary security clearances. The application is currently in the in-depth screening process. In September 2016, Health Canada contacted Marapharm with a provision to amend its application to allow for the new regulations, ACMPR. Marapharm owns 15 million shares and warrants of Veritas Pharma Inc., a public company.
FOR FURTHER INFORMATION:
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQB, in Europe, ticker symbol 2M0 on the FSE.
Neither the CSE, the FSE nor the OTCQB® has approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQB® accepts responsibility for the adequacy or accuracy of this release.
FORWARD – LOOKING STATEMENTS:
Certain statements contained in this news release constitute forward looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, ‘may”, “will”, “project”, “should”, ‘believe”, and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.