MPX International's Wholly-Owned Subsidiary, Canveda Inc., Enters into a Supply Agreement with the Alberta Provincial Retail Regulator for Strain Rec(TM) Products
TORONTO, ONTARIO - TheNewswire - October 1, 2020 - MPX International Corporation ("MPX International", "MPXI" or the "Corporation") (CSE:MPXI); (CNSX:MPXI.CN); (OTC:MPXOF), a multinational diversified cannabis company, is pleased to announce an agreement dated August 7, 2020 between Canveda Inc. ("Canveda"), a licence holder under the Cannabis Act (Canada), and Alberta Gaming, Liquor & Cannabis ( "AGLC") for the supply of cannabis under Canveda's recreational brand, Strain Rec(TM). Initially, Canveda will supply several strains of unique, high quality flower which will be sold by retail outlets in the Province of Alberta, as well as through AlbertaCannabis.org. Additional product SKUs will follow as Canveda's product offering diversifies. The agreement will continue until December 1, 2021, unless terminated earlier and may be extended upon mutual agreement of the parties for a maximum of 2 additional terms of up to 18 months each.
"We are very pleased to expand our Strain Rec(TM) brand offering into the Province of Alberta which has been very progressive in the cannabis retail space. We see this as a great opportunity for our products to become a main stay in the Canadian retail market," said Michael Arnkvarn, Chief Operating Officer, Canada of MPXI. "Following the successful introduction of the Strain Rec(TM) brand in Saskatchewan in June, this supply agreement is an important step in our overall retail strategy which we continue to develop. The first shipment of products to Alberta was sent last week and marketing efforts to retail outlets have commenced, with product expected to be available for purchase in early October."
"We feel that the private ownership concept of retail stores in Alberta will allow us more direct marketing opportunities and a quick acceptance of Strain Rec(TM) branded products by Alberta's retailers," noted W. Scott Boyes, Chairman, President and CEO of MPX International. "With agreements now in place for Alberta and Saskatchewan, we are in discussions to expand into other provinces to increase our reach to recreational customers in Canada. We are by no means shifting away from a medical focus of the cannabis business and we will continue to develop this sector to the fullest, both in Canada and internationally, but our past experience with MPX Bioceutical in the US has taught us that we need to be present in both the medical and adult use markets in order to optimize MPXI's Canadian growth strategy."
About MPX International Corporation
MPX International Corporation is a multinational diversified cannabis company focused on developing and operating assets across the international cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient. With current operations spanning four continents in Canada, Switzerland, South Africa, Malta and Australia as well as evolving partnership and distribution opportunities in other jurisdictions, MPXI continues to position itself as an emergent global participant in the cannabis industry.
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, including its audited annual consolidated financial statements for the financial years ended September 30, 2019 and 2018 and the corresponding annual management's discussion and analysis; 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.
For further information, please contact:
MPX International Corporation
W. Scott Boyes, Chairman, President and CEO
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Released October 1, 2020