TORONTO, Dec. 10, 2018 (GLOBE NEWSWIRE) — MPX Bioceutical Corporation("MPX" or the "Company") (CSE: MPX; OTC:MPXEF) announced that GreenMart NLV, LLC ("GreenMart NLV"), a subsidiary of MPX, has been awarded four conditional retail marijuana store licenses in the state of Nevada.
The jurisdictions granted by the state include: The City of Las Vegas, Unincorporated Clark County, Reno, and Henderson. GreenMart NLV is a fully-operational cultivation, production and kitchen facility that produces MPX-branded wholesale products for both the adult-use and medical markets in Nevada. The new dispensaries will operate under the "Health for Life" brand, which is the Company's flagship retail brand.
"We are excited to be able to execute on our growth strategy by adding to our market share in Nevada," said Beth Stavola, COO of MPX. "Opening dispensaries is the final step towards becoming a full, vertically integrated cannabis company in the state. These four licenses add incredible scale to an already strong foothold."
The "Health for Life" brand enjoys success in Arizona, Maryland and soon-to-be Massachusetts. Now, patients and customers in Nevada can look to the Health for Life line of dispensaries for consistent, quality products from reputable, educated sales associates.
Nevada recorded more than half a billion dollars in cannabis sales during the first year that adult use was legal, according to the Nevada Department of Taxation, exceeding many expectations.
In October, MPX announced its intent to merge with iAnthus Capital Holdings Inc. ("iAnthus" or the "Company"), (CSE: IAN, OTCQX: ITHUF). With these new licenses, the combined entity, excluding MPX International, will account for operations and cannabis licenses in 10 states that will permit it to operate 60 retail locations and 14 cultivation/processing facilities.
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.
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