Making deals is MPX Bioceutical Corporation (CSE:MPX) (OTC:MPXEF) who announced on Tuesday the signing of a Letter of Intent to acquire Canveda a Licensed Producer under Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). An Ontario-based company, Canveda has a fully built facility and, according to a statement, is fully capable of producing 1,000 - 1,200kg of cannabis flower per year. MPX will acquire Canveda for CAD$18 million, which includes both cash and common shares.
An Ontario-based corporation itself, MPX operates in the U.S. through wholly-owned subsidiaries in Arizona that work with such business as the Health for Life dispensaries and Melting Point Extracts. The company offers management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to the aforementioned operations. MPX has also acquired The Holistic Center, another medical cannabis enterprise in Arizona.
“We have always considered a Canadian presence to be a critical component of our business strategy,” remarked W. Scott Boyes, Chairman, President and CEO of MPX in a statement. “While we have never intended to build-out the massive cultivation facilities being constructed by some of the other Canadian Licensed Producers, we will be focussing on utilizing the advanced extraction and distillation processes developed by our U.S. operations to produce and market the MPX-branded, award-winning, concentrates in Canada, commencing with high-quality cannabis oils, followed by the broader range of MPX products as they become permissible under ACMPR rules. We are also excited about the import/export opportunities available to Canadian LP’s.”
iAnthus To Open Cannabis Dispensary In Massachusetts Next Month
Heading to the Northeast is iAnthus Capital Holdings, Inc., (CSE:IAN) (OTCQB:ITHUF) who announced on Tuesday its acquisition of the remaining 20 percent of Pilgrim Rock Management, LLC. Pilgrim Rock provides intellectual property licensing, professional and management services, real estate and equipment leasing, among other services to Mayflower Medicinals, Inc., who has received two provisional licenses to operate Registered Marijuana Dispensaries in Massachusetts. According to a statement, MAyflower’s first harvest will occur shortly.
“We are pleased to have completed this transaction and our acquisition of 100 percent of Pilgrim Rock, which is instrumental in enabling Mayflower to become a leading licensed cultivator, processor and dispensary operator in Massachusetts’ flourishing cannabis industry,” commented Randy Maslow, President of iAnthus in a statement. “iAnthus is focused on securing 100% ownership of its strategic assets around the United States, which ensures us control of each licensed operation and provides our investors with full exposure to the growth of each of our state operations.”
Aurora Cannabis Plans Third Production Facility
Third time’s a charm for Aurora Cannabis Inc. (TSX:ACB) (OTCQB:ACBFF) Canada’s second largest Licensed producer, who announced on Tuesday the acquisition of 71 acres in Alberta, to build a new hybrid greenhouse cannabis production facility. Located in the city of Medicine Hat, Aurora has signed a general understanding of potential transactions, along with a supply agreement for ten years. Aurora Larssen Projects Inc., the company’s wholly-owned design division, will develop the project.
"Aurora Sun exemplifies our cultivation and production philosophy focused on purpose-built, high technology, highly automated facilities with industry-leading efficiency, resulting in ultra-low production costs to ensure robust margins in all our markets," said Terry Booth, CEO in a statement. "We have significantly differentiated Aurora from our peers by investing in and rapidly building the world's most advanced model of cannabis production on a mass scale. We believe the Aurora Standard of cannabis production represents the most effectively replicable and scalable system to establish a successful global footprint."
Pennsylvania’s Medical Marijuana Program To Allow Dried Flower Sales
Pennsylvania Governor Tom Wolf announced on Monday that patients would be able to purchase dry leaf or flower form for vaporization sometime this summer as part of the state’s medical marijuana program. As of now, state law prevents dispensaries from selling products that are smokeable to patients, although consumer advocate Chris Goldstein tells The Cannabist that patients should be able to smoke the dry leaf product in Pennsylvania once it is available.
State Health Secretary Dr. Rachel Levine, who is in charge of the program, is also expanding on the conditions allowable to be accepted into the program, which will now include use in cancer remission therapy and opioid-addiction therapy, or for neurodegenerative and spastic movement disorders. Currently, only patients suffering from AIDS, autism, cancer, epilepsy, post-traumatic stress disorder, chronic pain, Crohn’s disease and other conditions have access to medical marijuana in the state, according to The Cannabist.
“Producers will be able to get medicine into the hands of patients much more quickly and for much lower cost to patients,” said Becky Dansky, of The Washington, D.C.-based Marijuana Policy Project in an interview with The Cannabist. “This is vitally important for patient access right now while the program is still getting off the ground and production is not yet at full capacity.”
Acreage Holdings To Go Public “Soon”
Former Massachusetts Governor Bill Weld (R) who joined the board Acreage Holdings last week along with former House Speaker John Boehner (R-Ohio) went on Fox Business to discuss his new role with the company. He noted that Acreage Holdings plans to go public soon, making this cannabis company a future marijuana stock to watch. The full interview is below: