MPX Announces Acquisition of Remaining Interests in Massachusetts Companies
TORONTO, Jan. 03, 2019 (GLOBE NEWSWIRE) — MPX Bioceutical Corporation (“MPX”) (CSE: MPX; OTC: MPXEF) announced that on December 28, 2018, it had agreed to acquire certain minority interests in two Massachusetts entities associated with certain cultivation and production activities. The entities include IMT, LLC and Fall River Development Co. LLC, both limited liability companies domesticated in Massachusetts (“Sellers”). Through its wholly-owned subsidiary CGX Life Sciences Inc. of Nevada, MPX currently owns fifty-one percent (51.0%) of each entity, and today announces its agreement to acquire the remaining interests in an all-stock transaction.
Under the terms of the agreement, MPX will issue to the Sellers common shares of MPX equal, in the aggregate, to $4.9 million USD, as determined by the ten day volume weight average price of MPX Shares on the Canadian Stock Exchange (“Ten Day VWAP”) prior to the announcement of this agreement, and subject to the rules and policies of the Exchange Share held.
The transaction is subject to customary closing requirements of the parties under Massachusetts law, and may be subject to regulatory supervision and approval.
About MPX Bioceutical Corporation
MPX, through its wholly-owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. The successful Health for Life brand operates in the rapidly growing Phoenix Metropolitan Statistical Area. With the acquisition of The Holistic Center, MPX added another operating medical cannabis enterprise to its footprint in Arizona.
GreenMart of Nevada NLV, LLC (“GreenMart NV”) is an award-winning licensed cultivation, production and wholesale business, licensed for both the medical and “adult use” sectors in Las Vegas, Nevada, and is already selling wholesale into the Nevada medical cannabis market.
In Massachusetts, MPX is building out and will operate a cultivation and production facility as well as up to three dispensaries, and manages three full service dispensaries and one producer in Maryland.
