Toronto, Canada based cannabis company MPX International has announced the acquisition of MPX Australia.
MPX Australia’s application for a medicinal cannabis license from the Australian Office of Drug Control is ongoing. It is currently in the design stage for a cannabis cultivation and production facility in Tasmania.
“The acquisition of the remaining interests in MPX Australia is another milestone for our international expansion strategy that will provide MPX International with access to the growing Australian market and will also serve as our gateway into the Asian markets,” said W. Scott Boyes, Chairman, President and CEO of MPX International. “With the continued execution of our international expansion plans in 7 international jurisdictions, we are positioning MPX International to lead the international market and drive diverse and sustainable revenue.”
Acquiring the remaining interest in the company for up to $4mn, MPX is financing the purchase by the issuance of 7,145,559 shares in stages, subject to a number of milestones, the first being the granting of the cannabis license. Second is the completion of the facility in Tasmania, and third is upon the first harvest, export or before a change of control.
Also detailed was the issuance of 327,123 shares at a price of $0.46 each to cover a loan undertaken by MPX Australia. MPX is listed on the Canadian Securities Exchange under the symbol “MPXI”.