MPX Bioceutical Corp (OTCMKTS: MPXEF) is being hit with a cascade of selling pressure today, but over the last few months MPXEF has been an important riser in the cannabis market. In multiple months this year, the stock has traded $2 million shares in a day. The Toronto-based company made news earlier this month when they acquired a licensed Health Canada producer. This gave the company a subsidiary with a cultivation license. The company, Canveda, also has a facility in Ontario capable of producing 2,000 kilograms of cannabis per year. In addition, MPXEF already has an extract brand and a complete cannabis operation running in Nevada.
“With the acquisition of Canveda, MPX has established a foothold in Canada to develop a vertically integrated business from seed to sale,” said Michael Arnkvarn, Executive Vice-President and Chief Marketing Officer. “The next phase will be to expand our relationship with Panaxia, a leader in the utilization of medical cannabis in pharmaceutical solutions, to include Canada and to finalize strategic alignments with existing marijuana business enterprises that will shorten our path to a sustainable and profitable Canadian presence. We have acquired a tremendous amount of expertise in the production and marketing of cannabis oils, cannabis derivatives and cannabinoid-infused products, and in employing multiple delivery formats in the United States. We will leverage this knowledge to manufacture and distribute these products in Canada as they become approved for sale by Health Canada.”
MPX Bioceutical Corp (OTCMKTS: MPXEF) is a multi-state diversified cannabis company with operations focused in the U.S. in the adult use and medical cannabis markets.
The company’s foundation is built on its profitable operations in Arizona, with three (and soon four), operating dispensaries and well the established Melting Point Extracts (MPX) Brand; it also has operations in Massachusetts, Maryland, and Nevada.
MPXEF plans to replicate its success in Arizona to become a dominant multi-state operator.
MPX Bioceutical Corporation, together with its subsidiaries, operates in the natural health products industry in North America. The company manufactures and distributes nutraceuticals, such as plant-based medicines. It also provides management, staffing, procurement, advisory, financial, real estate rental, logistics, and administrative services to medicinal cannabis enterprises. The company was formerly known as The Canadian Bioceutical Corporation and changed its name to MPX Bioceutical Corporation in November 2017. MPX Bioceutical Corporation was incorporated in 1974 and is based in Toronto, Canada.
According to company materials, “MPXEF, an Ontario corporation, 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 adds another operating medical cannabis enterprise to its footprint in Arizona. MPX continues to expand its U.S. footprint, and is providing operational and other management services to three dispensaries and one production license in Maryland. The Company also leases a property in Owen Sound, Ontario, for which an application to Health Canada has been made for a cannabis production and sales license. In addition, the Company will continue its efforts to develop its legacy nutraceuticals business.”
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As stated above, MPXEF has faced downward pressure today but the stock has quite a diverse portfolio of cannabis assets along with their own Health Canada application.
“We believe that current and planned cultivation by existing licensed producers will oversupply the domestic market. Instead, we plan to focus on the production, distribution and retailing of high quality cannabis distillates and derivative products for the domestic medical and adult use markets and for export to the growing list of countries legalizing the use of medical cannabis,” CEO and President of MPXEF W. Boyes stated in the latest press release.
If the company continues to expand their network and receive an approval from Health Canada, they could rebound and go on a strong run.
MPX Bioceutical Corp (OTCMKTS: MPXEF) has a market cap of 249.66M and a float of 289.54M. MPXEF has an interesting set of cannabis assets and as legalization looms for Canada, the company could be a ticker to watch.Sign-up for continuing coverage on shares of $MPXEF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $MPXEF, either long or short, and we have not been compensated for this article.