iAnthus’ Multistate Operations Expands to 11 States Forming Super-Regional Footprints
NEW YORK and TORONTO, Feb. 5, 2019 /PRNewswire/ – iAnthus Capital Holdings, Inc. (CSE: IAN, OTCQX: ITHUF) and MPX Bioceutical Corporation (CSE: MPX; OTC: MPXEF) are pleased to announce the closing of the previously announced plan of arrangement under the Business Corporations Act (British Columbia) pursuant to which iAnthus acquired all of the issued and outstanding common shares of MPX pursuant to the terms of an arrangement agreement, as amended, among, inter alia, iAnthus and MPX dated October 18, 2018.
Pursuant to the terms of the Arrangement Agreement, holders of MPX Shares received 0.1673 common shares of iAnthus for each MPX Share held, representing a premium of 30.6% based on the closing price of iAnthus and MPX Shares on October 17, 2018. In addition, each MPX shareholder received common shares of newly formed MPX International Corporation (“MPX International”), which holds all of the non-U.S. cannabis businesses of MPX. MPX International has received conditional approval to list its securities on the Canadian Securities Exchange (the “CSE”) and MPX International expects that the common shares of MPX International will commence trading on or around February 6, 2019.
The combined company (iAnthus and MPX), now has operations in 11 states that will permit iAnthus to operate 63 retail locations and 15 cultivation/processing facilities. As a result of the business combination, iAnthus has added retail and/or production capabilities in Arizona, Maryland, Nevada, California, Massachusetts and New Jersey. These additional licenses complement iAnthus’ existing assets in New York, Florida, Massachusetts, Vermont, Colorado, and New Mexico, forming super-regional footprints in both the eastern and western United States reaching over 121 million potential customers.
iAnthus has submitted applications to the CSE and the Ontario Securities Commission to delist the MPX Shares and for MPX to cease to be a reporting issuer.
Management and Board Changes
Immediately prior to the closing of the Arrangement, all directors and officers of MPX resigned and MPX is now a wholly-owned subsidiary of iAnthus. iAnthus will expand its board of directors to seven members. Current board members Hadley Ford, Randy Maslow, Julius Kalcevich and Paul Rosen will be joined by MPX’s nominees Robert Petch, Elizabeth Stavola, and Robert Galvin. Dr. Richard Boxer has resigned from the board of directors of iAnthus to make way for one of MPX’s nominees and will remain with iAnthus in the role of Chief Medical Officer. Mr. Ford added, “On behalf of iAnthus and MPX, I’d like to thank Robert Petch and MPX’s special committee for their support of this transaction.”