MPX Bioceutical Corporation (CSE:MPX) (OTC:MPXEF) reported its fiscal year results today highlighting a 78% rise in sales to $8 million in 2018.
The company has its sights set on the medical and adult use cannabis markets, and with such a successful year done and dusted, it is looking to further expand the company footprint.
Let's take a look at MPX.
MPX: 2017-2018
The financial results are for its fiscal year ending March 31st, 2018.
Highlights for the year include:
- Total revenues of $8 million for Q4 2018 as opposed to $4.4 million for the same period in 2017;
- The company appointed a new CFO—Mr. David McLaren;
- In March of this year, MPX acquired The Holistic Centre dispensary furthering the company's presence in the US market. This brought MPX's total number of dispensaries in the state of Arizona to four; the company already has three other fully operational Health for Life dispensaries;
- This acquisition also doubled its cultivation capacity and added the Black Label and Timeless concentrate brands to its product line.
MPX entered into three separate agreements in 2018 also:
- A management agreement with S8 Management, LLC with GreenMart of Maryland, LLC, which is authorized to operate a dispensary and sell medical cannabis products in Maryland;
- A management and option agreements with a concentrate production facility and second dispensary in Maryland;
- A definitive agreement with Israeli company Panaxia Pharmaceutical Industries Ltd. Panaxia develops and produces pharma grade cannabidiol medicinal products, medicinal preparations, and medicinal accessories through a subsidiary and a completely owned company of MPX’s; Salus BioPharma Corporation.
The Next Plans
As to be expected, such a successful Q4 report brings with it stock gains. MPX Stock is currently in the green selling at $0.83 a share.
Further growth is on the horizon; plans are in place for MPX Bioceutical Corporation to further its footprint in the US with ten dispensaries and four production facilities across four states. This movement coincides with a production facility that is under construction in Canada, as well as a pending license application to Health Canada.
Can MPX continue such big figures into 2019?
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