The deal is now official, as iAnthus Capital Holdings, Inc. has closed on its acquisition of MPX Bioceutical Corporation.
The combined company now has operations in 11 states which includes 63 retail locations and 15 cultivation/processing facilities.
MPX was recently awarded an Alternative Treatment Center license to open a dispensary in Atlantic City and a cultivation center in Galloway. The dispensary location is being challenged by Compassionate Care Foundation in Egg Harbor Township, which plans on opening a satellite dispensary in June, just blocks away from the proposed MPX location.
The acquisition of MPX give iAnthus added retail and/or production capabilities in Arizona, Maryland, Nevada, California, Massachusetts and New Jersey. These additional licenses complement iAnthus’ existing assets in New York, Florida, Massachusetts, Vermont, Colorado, and New Mexico enabling the company to reach more than 121 million potential customers.
“2019 will be a transformative year for iAnthus, with the closing of our business combination with MPX being a crucial step forward. As the U.S. cannabis market continues to expand with increasing consumer and regulatory acceptance, iAnthus will continue to execute and provide the quality products and brands that our customers demand. As demonstrated with our 2018 acquisitions in Florida and New York, and now with the closing of our MPX transaction, the iAnthus team continues to demonstrate its focus on growing its platform and operations,” Hadley Ford, CEO of iAnthus, said in s statement.
“As early pioneers in the licensed cannabis sector in Arizona, Nevada and Maryland, MPX is extremely excited to join forces with iAnthus as we create the multi-state operator that will define this burgeoning industry. We plan to add the power of our market leading product, retail and wholesale experience to the iAnthus platform,” said Red Bank resident Beth Stavola, Chief Operating Officer of MPX.
“With iAnthus’ operation increasing in size from six to 11 states, we plan to take advantage of this opportunity by unveiling unified national retail and product brands across the organization,” Ford said. “We realize that as the cannabis market continues to grow, the need for strong national brands only increases. With our ambitions to be the leader in the U.S. cannabis market, that is our logical next step. Stay tuned, as we plan to unveil further details around this in the coming weeks.”
Holders of MPX shares received 0.1673 common shares of iAnthus for each MPX share held, representing a premium of 30.6% based on the closing price of iAnthus and MPX shares on Oct. 17, 2018. In addition, each MPX shareholder received common shares of newly formed MPX International Corporation, which holds all of the non-U.S. cannabis businesses of MPX.