MPX Receives Final Licensing Approval for Two Managed Dispensaries in Maryland
TORONTO, Aug. 01, 2018 (GLOBE NEWSWIRE) — MPX Bioceutical Corporation (“MPX” or the “Company”) (CSE: MPX; OTC: MPXEF) is pleased to announce the Company, through its indirect wholly-owned subsidiary, S8 Management, LLC (“S8 Management”), has received final licensing approval by the Maryland Medical Cannabis Commission (the “Commission”) for the opening of two managed dispensaries, LMS Wellness, Benefit LLC (“LMS”), operating as Health for Life White Marsh, and GreenMart of Maryland, LLC (“GreenMart Maryland”), operating as Health for Life Baltimore.
Health for Life White Marsh will operate a dispensary in the White Marsh suburb of Baltimore Maryland, an affluent, highly populated area located at 4741 Ridge Road, Nottingham, Maryland 21236. Health for Life Baltimore, located at 6807 Rolling Mill Road, Baltimore, Maryland 21224, will operate a dispensary in an urban, high-traffic area of Baltimore, near North Point Road in the community of Colgate. The Health for Life Baltimore location is conveniently situated near Interstate Routes 695, 95 and U.S. Route 40 and a 15-minute drive from Baltimore’s Inner Harbour, Canton Waterfront, Federal Hill, and Fells Point. Johns Hopkins Bayview Medical Center, a teaching hospital within the world renowned Johns Hopkins Health System, is within two miles of the site.
“Through the management agreements with LMS and GreenMart Maryland, we continue to expand upon our existing presence in Maryland, achieving a milestone that is integral to our overall expansion plans, which include a focus on limited-license markets,” stated W. Scott Boyes, Chairman and CEO, MPX. “MPX is now managing three dispensaries in Maryland and one of only fifteen concentrate processing operations.”
“The Maryland medical cannabis market, with a well-defined regulatory structure and attractive marketplace competition, continues to be a focal point for MPX’s footprint expansion,” commented Beth Stavola, COO, MPX. “With licensing approval, we expect that both facilities will be open and accepting patients by early autumn of 2018.”
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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 ; 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