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TORONTO, ONTARIO / ACCESSWIRE / January 27, 2020 / MPX International Corporation ("MPX International", "MPXI" or the "Company") (CSE:MPXI; OTC PINK:MPXOF) announced that its wholly-owned subsidiary, MPX Australia Pty. Ltd. ("MPX Australia"), has been awarded a Medicinal Cannabis Licence from the Australian Office of Drug Control ("ODC").
The licence authorizes MPX Australia to undertake certain activities at the company's 70,000 sq. ft. site under construction in Launceston in Tasmania including:
- The cultivation of cannabis plants for producing cannabis or cannabis resin for medical purposes.
- The production of cannabis or cannabis resin for medical purposes.
- Activities related to the cultivation or production of cannabis including, but not limited to, obtaining cannabis plants, packaging, transport, storage, testing, possession and control of all resulting cannabis products as well as the supply of all cannabis plants, cannabis or cannabis resin.
"This regulatory approval is a significant milestone for our operations in Australia and is a testament to our dedication to operating in real-time and our ability to execute on our strategy," said W. Scott Boyes, Chairman, President and CEO of MPX International. "Australia provides an important gateway for MPXI into both the Oceania and Asia-Pacific markets, and we are thrilled to receive this licence, signalling another step forward in our business there."
"MPX Australia provides the company with a strong foothold in a new and burgeoning market," said Tibor Vertes, Executive Director of MPX Australia. "The number of medical cannabis patients is growing steadily in Australia and with MPX Australia's focus on producing high quality products for the domestic market, we are positioning the company in a first-mover position, creating increased brand awareness amongst Australians and possibly building a future export gateway to the Asia-Pacific region."
Upon receipt of the Medicinal Cannabis Licence, MPX Australia has achieved Milestone #1, being the granting of a medicinal cannabis license (cultivation and production) in Australia in accordance with the Narcotic Drugs Act 1967 (Cth).
In addition, further to the Company's press release dated July 23, 2019, MPXI will issue 2,689,189 common shares ($1,250,000) at a price of $0.46 per share.
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.
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SOURCE: MPX International Corporation