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NEW YORK and TORONTO, Jan. 18, 2019 (GLOBE NEWSWIRE) — iAnthus Capital Holdings, Inc., (CSE: IAN, OTCQB: ITHUF) and MPX Bioceutical Corporation (CSE: MPX; OTC: MPXEF) are pleased to announce that the Supreme Court of British Columbia has issued a final order approving the previously announced plan of arrangement under the Business Corporations Act (British Columbia) pursuant to which iAnthus will acquire all of the issued and outstanding common shares of MPX pursuant to the terms of an Arrangement Agreement between iAnthus and MPX dated October 18, 2018.
Further information about the Arrangement is available on the SEDAR profiles of iAnthus and MPX on SEDAR at www.sedar.com.The closing of the Arrangement remains subject to certain customary closing conditions set out in the Arrangement Agreement. Assuming the timely satisfaction or waiver of these closing conditions, the Arrangement is expected to close on or about January 30, 2019.
Upon closing of the Arrangement, MPX International Corporation, MPX’s spin-out company will hold all of the non-U.S. businesses of MPX and will be focused on developing and operating assets across the global cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient. Initial key assets will include Canveda Inc. (a Canadian Licensed Producer), the Salus BioPharma Corporation agreement with Panaxia Pharmaceutical Industries Ltd. and 50% of a medical cannabis license application in Australia. MPX International has applied to list its securities on the Canadian Securities Exchange.
About iAnthus Capital Holdings, Inc.
iAnthus Capital Holdings, Inc. owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and health care services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. The Company uses these skills to support operations across six states. For more information, visit www.iAnthusCapital.com.
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.