MPX Australia Awarded Cannabis Manufacture Licence
TORONTO, ON / ACCESSWIRE / November 6, 2019 / MPX International Corporation ("MPX International", "MPXI" or the "Company") (CSE:MPXI; OTC PINK:MPXOF) today announced that its wholly-owned subsidiary MPX Australia Pty Ltd ("MPX Australia") has been issued a Cannabis Manufacture Licence by the Australian Office of Drug Control ("ODC").
Upon receiving formal notification from ODC of the licence issuance, W. Scott Boyes, Chairman, President and CEO of MPX International, commented, "The Australian market is highly regulated, so achieving this milestone confirms our position as an international leader; MPX International is now licensed in, or operating on four continents with the ability to import and export cannabis products from each of our licensed locations potentially leading to diverse and sustainable revenue streams around the world."
"We chose Australia, and specifically the island state of Tasmania, because of its reputation for producing high quality organic products using clean energy, the availability of qualified technical staff, and the positive support from local government. MPX Australia has commenced the build out of our facility in Launceston, which is intended to be in production by mid-2020 subject to final regulatory approvals. We have leased a secure 70,000 sq. ft. building that will enable us to scale-to-market indoor cultivation, extraction and manufacture of medical cannabis products under closely controlled conditions."
Initial construction costs for the facility are expected to be approximately AU$3 to $4 million, with additional build out and equipment costs to be an additional AU$3-4 million, phased in over two to three years.
Tibor Vertes, Executive Director of MPX Australia, observed, "MPX Australia will focus on producing high quality products for the domestic market, and potentially future export to Oceania and the Asia-Pacific region. According to the Australian Government Department of Health's latest data, the number of patients in Australia is growing steadily, with almost 3,000 new patients prescribed medicinal cannabis in the month of September 2019 compared to only 330 new patients per month in October 2018. We expect this growth to continue to accelerate."
About MPX International Corporation
MPX International Corporation is 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.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, MPX International's objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in MPX International's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although MPX International believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, MPX International disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE: MPX International Corporation
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Released November 6, 2019