Marapharm has entered into an agreement to purchase a medical cannabis delivery service with the specific and limited purpose to deliver, facilitate or coordinate cannabis transactions between qualified patients and caregivers. The delivery service is located in Rancho Mirage, located in the Coachella Valley, California. The valley connects with the Greater Los Angeles area to the West, population 19,000,000. The population of the valley is 500,000 and in addition has 3.5 million annual conventioneers and tourists.
Marapharm purchased 80% of the shares of Moringa Cooperative, Inc. “Moringa” and 20% ownership remains with the founding group, who will continue to operate the business. Presently the DBA (doing business as) is MedicalDriveBy and a change to Marapharm Delivery or other names is being considered. Terms of the transaction are $300,000 US. Additional funds may be required for further delivery vehicles, expansion and working capital. Moringa is a cooperative corporation organized under the California Consumer Cooperative Corporation Law. The purpose of the corporation is to engage in any lawful activity and specific to cannabis transactions in California.
“Delivery services for cannabis are a big profit business in other locations in the United States and we’re excited for our first one to be in California. Marapharm’s business model is to be part of the entire marijuana experience in different States and countries, to grow it, sell it and now to deliver it. This is great diversity,” said Marapharm CEO Linda Sampson.
Marapharm announces the granting of options to directors, consultants and or officers of 300,000 options exercisable for a period of 3 months at an exercise price of $1.40 and a further 800,000 options exercisable at $2.50 for 4 months.