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MPX Secures Final Approval to Open First Managed Dispensary in Maryland; Schedules Grand Opening for August 4th
Production of MPX-branded cannabis to commence at managed facility as Company’s Maryland expansion strategy ramps up
TORONTO, July 17, 2018 (GLOBE NEWSWIRE) -- MPX Bioceutical Corporation (“MPX” or the “Company”) (CSE:MPX) (OTC:MPXEF) announced that final licensing approval was secured from the Maryland Medical Cannabis Commission (“MMCC”) on June 26, 2018 to open the first dispensary in the State of Maryland to be managed by S8 Management, LLC (“S8 Management”), An indirect wholly-owned subsidiary of the Corporation. The dispensary, which is owned by Budding Rose Inc., will operate under the Company’s “Health for Life” brand.
The Health For Life dispensary is located at 4909 Fairmont Avenue, Bethesda, Maryland and will welcome its first patients on Saturday, August 4, 2018 offering special deals throughout the day. The dispensary is equipped to service hundreds of patients per day and has a top-of-the-line point of sale system to serve patients efficiently and adhere to state reporting requirements in real time. It is located in a high-traffic area of downtown Bethesda, Maryland, in close proximity to the Walter Reed Military Medical Center and National Institutes of Health. Bethesda, Maryland is located within the Capital Beltway and is one of the wealthiest and most health conscious communities in the Capital Region.
“According to the MMCC, approximately 32,000 patients are currently certified for use of medical cannabis in Maryland and over 46,000 are signed up to become eligible. With the opening of the Health for Life Bethesda dispensary, we are pleased to further strengthen our first-mover advantage in the state. We have received a warm welcome from local business owners and the wider Bethesda community and look forward to serving patients, providing jobs and contributing to the local economy,” stated W. Scott Boyes, MPX’s Chairman, President and CEO.
S8 Management also plans to commence production of MPX-branded cannabis products through its management agreement with Rosebud Organics, Inc. (“Rosebud”), which secured the necessary production license in October 2017 to manufacture cannabis products. Rosebud has one of only 14 licenses issued to process cannabis derivatives in the State of Maryland. The facility is completely built-out. The production license also enables Rosebud to sell wholesale MPX’s concentrates to licensed third party dispensaries, as well as through the Health For Life dispensary.
Mr. Boyes continued, “Our business development team has worked with lab experts from various industries, mechanical engineers, fire protection engineers, and architects to design the state-of-the-art production lab. Our labs are extremely safe and efficiently designed to avoid contamination from outside sources and cross contamination of products, while maximizing production yields. This ensures pharma-grade consistency and has enabled us to successfully grow our wholesale line of cannabis concentrates in the Nevada and Arizona markets. With the Rosebud facility, we look forward to replicating this model and bringing the cleanest and most effective cannabis concentrates to the Maryland market, specializing in hydrocarbon, CO2, and solvent-less extractions. As one of only 14 license holders, Rosebud is well-positioned to grow market share and secure meaningful sales.”
MPX’s lead extractors have been trained on the process of physical extraction using the Company's large-scale extraction systems, as well as on topics including decarboxylation, winterization, distillation, and addition of terpenes in order to produce a diverse selection of cannabis concentrates including shatter, wax, sauce, THC-a, high terpene full spectrum extracts and distillate.
To be added to the distribution list, please email MPX@kcsa.com with “MPX” in the subject line.
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. GreenMart NV has also optioned suitable locations and intends to enter the higher-margin retail arena by applying for at least two dispensary licenses in the Las Vegas market which will operate under the “Health for Life” brand.
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.
In Canada, MPX has acquired Canveda, which has received its cultivation license from Health Canada, will operate a cultivation and production facility in Peterborough, Ontario. 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.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, MPX’s objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in MPX’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although MPX believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, MPX disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
On behalf of the Board of Directors
MPX Bioceutical Corporation (formerly The Canadian Bioceutical Corporation)
W. Scott Boyes, Chairman, President and CEO
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