MPX Bioceutical Corp (OTCMKTS:MPXEF) shares blasted 21.5% higher on Friday, in a move that amounted to a breakout above multi-month range highs. The move was no doubt related, at least in part, to news that Pres. Trump was siding with state’s rights in the matter of marijuana and cannabis legalization issues. However, the company has also been building up its own catalysts.
As a case in point , the company just announced that the official opening of the its newest “Health for Life” medical marijuana dispensary in the Metropolitan Phoenix area, located at the junction of E. Main and Crimson in the suburb of Apache Junction. According to the release, “this brings the number of dispensaries under MPX management in Arizona’s Sun Valley to four. The Crimson dispensary will meet the needs of patients in this comparatively underserviced southeast quadrant of the region by making available the full spectrum of MPX concentrates, an extensive variety of cannabis flower, and a broad selection of 3rd party, processed cannabis-infused edibles.”
MPX Bioceutical Corp (OTCMKTS: MPXEF) is a multi-state diversified cannabis company with operations focused in the U.S. in the adult use and medical cannabis markets.
The company’s foundation is built on its profitable operations in Arizona, with three (and soon four), operating dispensaries and well the established Melting Point Extracts (MPX) Brand; it also has operations in Massachusetts, Maryland, and Nevada.
MPX Bioceutical Corporation plans to replicate its success in Arizona to become a dominant multi-state operator.
MPX Bioceutical Corporation, together with its subsidiaries, operates in the natural health products industry in North America. The company manufactures and distributes nutraceuticals, such as plant-based medicines. It also provides management, staffing, procurement, advisory, financial, real estate rental, logistics, and administrative services to medicinal cannabis enterprises. The company was formerly known as The Canadian Bioceutical Corporation and changed its name to MPX Bioceutical Corporation in November 2017. MPX Bioceutical Corporation was incorporated in 1974 and is based in Toronto, Canada.
According to company materials, “MPX, an Ontario corporation, through its wholly owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. The successful Health for Life brand operates in the rapidly growing Phoenix Metropolitan Statistical Area. With the acquisition of The Holistic Center, MPX adds another operating medical cannabis enterprise to its footprint in Arizona. MPX continues to expand its U.S. footprint, and is providing operational and other management services to three dispensaries and one production license in Maryland. The Company also leases a property in Owen Sound, Ontario, for which an application to Health Canada has been made for a cannabis production and sales license. In addition, the Company will continue its efforts to develop its legacy nutraceuticals business.”
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As noted above, shares of the stock blasted higher to close out the week, reacting to bull regulatory news from Washington DC and the company’s recent strides toward expansion.
Beth Stavola, MPX’s COO and President of U.S. Operations, and the principal architect of the Company’s continued Arizona expansion says, “The addition of yet another dispensary in the Phoenix region and our launch of a significantly-expanded production capacity for MPX concentrates, are both indicative of our commitment to patients in this marketplace. As well, our growth in Arizona reflects our continued capital investment and employment creation in the state. We now employ over 150 staff at our various facilities in the Phoenix Metropolitan area, all of which receive extensive training and enjoy above-average salaries and benefits.”
Earning a current market cap value of $207.2M, MPXEF has a significant war chest ($32.3M) of cash on the books, which is balanced by about $12M in total current liabilities. One should also note that debt has been growing over recent quarters. MPXEF is pulling in trailing 12-month revenues of $18.4M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 1.7%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $MPXEF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $MPXEF, either long or short, and we have not been compensated for this article.