MPX International Receives Medical Sales and Standard Processing Licence for Its Canveda Facility in Canada
TORONTO, Feb. 26, 2019 (GLOBE NEWSWIRE) -- MPX International Corporation (“MPX International” or the “Company”) (CSE:MPXI) announces that Canveda Inc. (“Canveda”), a wholly-owned subsidiary of the Company, received its sale for medical purposes and standard processing licences effective as of February 22, 2019 for its facility in Peterborough, Ontario. The licence will allow Canveda, conditional upon Health Canada’s final pre-sales inspection, to develop its medical patient and product strategy and to commence selling their own products directly to registered patients for medical purposes. In the mean time, Canveda will continue selling dried flower products to other Licenced Producers with medical sales licences. The processing licence will allow Canveda to commence processing of dried cannabis into other formats including capsules and pre-rolls.
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Following approval from Health Canada, Canveda imported 28 new strains of cannabis from a supplier in the Netherlands and proceeded with the cultivation of several of these new strains with a first harvest scheduled for April 2019. Cultivation of these new high-quality strains will provide Canveda with a multitude of different varieties of cannabis over the next few production cycles. The Canveda facility is now in full production and is expected to produce 1.2 million grams of high-quality cannabis flower over the next 12 months.
Additionally, Canveda is licenced to produce cannabis oils and capsules and has commenced the build-out of a small production laboratory expected to be operational by late Q2 2019. Once the initial two batches of oil have passed successful qualitative analysis, Canveda will request oils to be included in its medical sales licence. Once licenced, the production facility will operate temporarily pending completion of the much larger project in Owen Sound, Ontario.
Receipt of the sale for medical purposes and standard processing licence is a very important step for our Canadian operations as they will allow us to develop the wholesale portion (B2B) of our business as well as new patient acquisition
commented W. Scott Boyes, Chairman, President and CEO of MPX International.
We are eager to introduce our Salus-branded products into the Canadian medical cannabis space with a focus on deliveries to Canadian military veterans as a result of the support to Veterans offered by our Spartan Wellness subsidiary. Michael Arnkvarn, our Chief Operating Officer, Canada has multiple projects in his pipeline and further updates will be provided in due course
While MPX International is continuing to develop opportunities in the emerging global cannabis marketplace, the expectation is that the Company’s Canveda facility in Peterborough, amongst others, will be one of the first to generate significant revenues.
MPX International Corporation is focused on developing and operating assets across the global cannabis industry with an emphasis on cultivating, manufacturing and marketing products that include cannabinoids as their primary active ingredient.
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 International’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 International’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although MPX International 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 International disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.