One stock that could become increasingly interesting with a bit of a nudge is MPX Bioceutical Corp (OTCMKTS:MPXEF). Shares of the stock have been on a shallow charge higher over recent months, with a potential breakout setting up on any move that takes it above the $0.75 area. We have seen some relative strength during the course of the notorious cannabis correction that has played out over the past 6 weeks.
To help flesh the story out, the company just announced that GreenMart NLV, LLC, a subsidiary of MPX, has been awarded four conditional retail marijuana store licenses in the state of Nevada. According to the release, “The jurisdictions granted by the state include: The City of Las Vegas, Unincorporated Clark County, Reno, and Henderson. GreenMart NLV is a fully-operational cultivation, production and kitchen facility that produces MPX-branded wholesale products for both the adult-use and medical markets in Nevada. The new dispensaries will operate under the “Health for Life” brand, which is the Company’s flagship retail brand.”
MPX Bioceutical Corp (OTCMKTS:MPXEF) frames itself as a company that, together with its subsidiaries, produces medical marijuana and pharma-grade products in North America.
The company engages in the cultivation, manufacture, production, use, sale, or distribution of cannabis in the Arizona medical marijuana market, and the medical and adult-use market.
It also provides management, staffing, procurement, advisory, financial, real estate rental, logistics, and administrative services to medicinal cannabis enterprises; and nutraceuticals.
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.
MPX, 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 added another operating medical cannabis enterprise to its footprint in Arizona.
GreenMart of Nevada NLV, LLC is an award-winning licensed cultivation, production and wholesale business, licensed for both the medical and “adult use” sectors in Las Vegas, Nevada, and is already selling wholesale into the Nevada medical cannabis market. GreenMart NV has also optioned suitable locations and intends to enter the higher-margin retail arena by applying for at least two dispensary licenses in the Las Vegas market which will operate under the “Health for Life” brand.
In Massachusetts, MPX is building out and will operate a cultivation and production facility as well as up to three dispensaries and manages three full-service dispensaries and one producer in Maryland.
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As noted above, MPXEF just announced that GreenMart NLV, LLC, a subsidiary of MPX, has been awarded four conditional retail marijuana store licenses in the state of Nevada. In all, recent action has been basically flat for the stock over the past week.
However, we have seen some rising interest, with transaction volume levels pushing 18% over the long run average.
“We are excited to be able to execute on our growth strategy by adding to our market share in Nevada,” said Beth Stavola, COO of MPX. “Opening dispensaries is the final step towards becoming a full, vertically integrated cannabis company in the state. These four licenses add incredible scale to an already strong foothold.”
Earning a current market cap value of $261M, MPXEF has a significant war chest ($17.7M) of cash on the books, which is balanced by about $9.4M in total current liabilities. MPXEF is pulling in trailing 12-month revenues of $41.6M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 233%. We will update the story again as soon as further details emerge. 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.