MPX Australia Awarded Cannabis Manufacture Licence
TORONTO, ON / ACCESSWIRE / November 6, 2019 / MPX International Corporation (“MPX International”, “MPXI” or the “Company”) (CSE:MPXI; OTC PINK:MPXOF) today announced that its wholly-owned subsidiary MPX Australia Pty Ltd (“MPX Australia”) has been issued a Cannabis Manufacture Licence by the Australian Office of Drug Control (“ODC”).
Upon receiving formal notification from ODC of the licence issuance, W. Scott Boyes, Chairman, President and CEO of MPX International, commented, “The Australian market is highly regulated, so achieving this milestone confirms our position as an international leader; MPX International is now licensed in, or operating on four continents with the ability to import and export cannabis products from each of our licensed locations potentially leading to diverse and sustainable revenue streams around the world.”
We chose Australia, and specifically the island state of Tasmania, because of its reputation for producing high quality organic products using clean energy, the availability of qualified technical staff, and the positive support from local government.
W. Scott Boyes, Chairman, President and CEO of MPX International
MPX Australia has commenced the build out of our facility in Launceston, which is intended to be in production by mid-2020 subject to final regulatory approvals. We have leased a secure 70,000 sq. ft. building that will enable us to scale-to-market indoor cultivation, extraction and manufacture of medical cannabis products under closely controlled conditions.
Initial construction costs for the facility are expected to be approximately AU$3 to $4 million, with additional build out and equipment costs to be an additional AU$3-4 million, phased in over two to three years.
Tibor Vertes, Executive Director of MPX Australia, observed, “MPX Australia will focus on producing high quality products for the domestic market, and potentially future export to Oceania and the Asia-Pacific region. According to the Australian Government Department of Health’s latest data, the number of patients in Australia is growing steadily, with almost 3,000 new patients prescribed medicinal cannabis in the month of September 2019 compared to only 330 new patients per month in October 2018. We expect this growth to continue to accelerate.”