MPX Bioceutical Corporation (CSE:MPX) (OTC:MPXEF) has reported that its managed Arizona assets have recorded their best revenue month in March with sales of cannabis and cannabis concentrates hitting the US$4.0 (CDN$5.2) million mark for the first time.
“We have been accumulating assets and expanding capacity in Arizona for the past 15 months and we are now seeing those efforts producing significant revenue expansion with an annualized revenue run-rate in excess of CDN$60 million”, says W. Scott Boyes, MPX’s Chairman, President and CEO. “With three operating dispensaries, two cultivation and two concentrate production facilities under management in the Greater Phoenix area, MPX is providing high quality cannabis-based medicines to an ever-increasing number of patients. The Arizona Department of Health Services (“AZDHS”) has reported that the number of card-holding cannabis patients increased by 33% during the 12 months ending February 2018, so the market size continues to expand, and we are working diligently to be able to service that growth.”
Beth Stavola, COO and President of MPX’s U.S. operations, adds “With our fourth dispensary opening soon in the Apache Junction suburb and our expanded concentrate production facilities coming on-stream this month, we expect to see our Arizona revenues continue to expand over the next several fiscal quarters. The Arizona program is well-regulated by AZDHS, the patient count continues to grow, the supply and cost of flower and trim for re-sale and concentrate production is excellent and, while the Phoenix area market is increasingly competitive, retail prices and margins remain attractive. This is a great state for MPX to conduct business in.”
The above revenue numbers are from assets under management in Arizona only and do not include operations in Nevada or those assets currently being developed in the States of Maryland and Massachusetts. Further details about MPX’s financial results for the quarter ending March 31, 2018 along with its results for the fiscal year ending the same date will be released in due course.
About MPX Bioceutical Corporation
MPX, an Ontario corporation, through its wholly owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to two 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 adds a third 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.
The Company owns assets in Massachusetts supporting cultivation, production and up to three dispensaries, and with the closing of this most recent transaction, MPX manages three full service dispensaries and one producer in Maryland.
MPX continues to expand its U.S. footprint, and is providing operational and other management services to three dispensaries and one production license in Maryland. 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.
Read original release