TORONTO, July 19, 2018 (GLOBE NEWSWIRE) — MPX Bioceutical Corporation (“MPX” or the “Company”) (CSE:MPX) (OTC:MPXEF) today announced an agreement with Case Farms Collective (“Case Farms”), the largest cannabis processing facility in Southern California. Case Farms does business under the trade name ‘Oil Haus’ and operates 22,000 square feet of extraction, post processing and packaging space in Long Beach, California. The agreement with Case Farms represents the Company’s initial entry into the California market.
Under the terms of the agreement, Case Farms will provide full scale cannabis processing services to MPX, with all concentrate products manufactured to MPX’s proprietary specifications and guidelines to ensure continued consistency in MPX concentrate products nationally. The agreement is expected to significantly increase MPX’s distribution reach as Case Farms will distribute the MPX-branded cannabis concentrates to its network of licensed dispensaries throughout California. Case Farms has licenses in cultivation, manufacturing, processing and distribution of cannabis products.
Case Farms’ state-of-the-art facility was designed by Precision Extraction Solutions and exclusively utilizes Precision’s premier line of extraction equipment. The facility can process 150,000 pounds of raw input material per month and can manufacture all forms of cannabis concentrates, including shatter, wax, sauce, THC-a, high terpene full spectrum extracts and distillate.
“MPX’s agreement with Case Farms presents a valuable opportunity to immediately inject the MPX brand and products into a very robust marketplace, capturing the currently low source-material pricing environment and without incurring the wait of a lengthy licensing process. Case Farms has the ability to reach more than 100 adult-use licensed dispensaries, which is expected to enable us to leverage California’s recent entry into the adult-use cannabis market and significantly expand the MPX brand using a single point of production-to-distribution service,” said Beth Stavola, Chief Operating Officer and director of MPX.
“This agreement with Case Farms and our entry into California represents a milestone for MPX as we pursue our multi-state strategy in the U.S., replicating our successful Arizona operations to strategically introduce our branded products into key target markets,” stated W. Scott Boyes, MPX’s Chairman, President and CEO.
The State of California began the sale of adult-use cannabis on January 1, 2018, with a cannabis market that is expected to hit $3.7 billion by the end of 2018, and over $5 billion in 2019 according to a report from BDS Analytics. California is the world’s sixth largest economy with a population close to 40 million, according to the U.S. Census.
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
For further information, please contact:
KCSA Strategic Communications