MPX International's Wholly-Owned Subsidary, Canveda Inc., Receives Licence Amendment From Health Canada Authorizing Production and Sales of Cannabis 2.0 Products
TORONTO, ONTARIO -TheNewswire -December 1, 2020 -MPX International Corporation("MPX International","MPXI" or the "Corporation")(CSE:MPXI; OTCQX:MPXOF),a multinational diversified cannabis company,is pleased to announce that its wholly-owned subsidiary, Canveda Inc. ("Canveda"),a Licence Holder under theCannabis Act(Canada),has received a license amendment from Health Canada which authorizes Canveda to produce, sell, and export all categories of authorized Canadian cannabis products, including topicals, extracts and edibles.
Prior to the receipt of the amended licence, Canveda has been developing its flower and pre-roll product offerings in Alberta, Saskatchewan and Israel. This amendment will allow Canveda to immediately expand into the production and sale of other Cannabis 2.0 products, such as oils, vapes, tablets and topical creams. These products will be offered under both the "Salus" medical brand and the popular recreational "Strain Rec (TM)" brand.
"Our Canveda team had been working diligently to comply with the stringent Health Canada requirements for the production of Cannabis 2.0 products. This amendment will allow us to start offering oil products immediately to our medical patients, particularly our veteran patients through Spartan Wellness (https://spartanwellness.ca) as well as through the Medical Cannabis Learning Network (https://mcln.ca). In the next month, we will be expanding our production capability to include vapes, additional oil blends, tablets and other products to meet the growing market demand in Canada and abroad," said Michael Arnkvarn, Chief Operating Officer, Canada of MPXI. "In addition to our growing roster of medical patients, Canveda is supplying flower and pre-rolls to the retail markets of Saskatchewan and Alberta and we will now be able to increase our offerings to include Cannabis 2.0 products. This is an important step in our overall retail strategy which we will continue to develop over the next few months. Discussions have commenced with other provincial cannabis regulatory bodies in order to increase shipments and generate additional revenue streams."
"Canveda is our, Peterborough, Ontario-based Canadian Health Canada licensed facility. With the ability to procure high quality flower at reasonable prices from other Licence Holders, we have been gradually shifting our focus at Canveda from cultivation to one of production and distribution, for both domestic markets and for export globally through our various international subsidiaries and clientele," noted W. Scott Boyes, Chairman, President and CEO of MPX International. "The cannabis industry is rapidly expanding, not only in Canada, but throughout the world and MPXI continues to focus on exploiting that expansion by both diversifying its product selection and concentrating efforts on market development internationally."
About MPX International Corporation
MPX International Corporation isa multinational diversified cannabis companyfocused 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.
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 atwww.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 CEOT: +1-416-840-4703
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Released December 1, 2020