US: Marapharm closes on second cannabis property in California

Marapharm has closed escrow and has title and possession of a second cannabis property located in Desert Hot Springs, California for a purchase price of $520,000 USD.

The transaction was first announced in August, 2017 when Marapharm entered into an agreement to purchase 1.25 acres of industrial property zoned for marijuana cultivation. Since the date of the purchase agreement the property received an approved CUP, (conditional use permit), for 20,664 square feet of cannabis cultivation and manufacturing. The CUP award adds value to the property and indicates that operations can commence with little to no delay.

The city has approved an interim plan for cultivation with a temporary certificate of occupancy. The first plants will be in the interim buildings by the end of 2017.

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