iAnthus and MPX Bioceutical Announce Closing of Transformational $1.6 Billion Business Combination
Ryan Allway
February 6th, 2019
News
NEW YORK and TORONTO, Feb. 5, 2019 /PRNewswire/ – iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company“) (CSE: IAN, OTCQX: ITHUF) and MPX Bioceutical Corporation (“MPX“) (CSE: MPX;OTC: MPXEF) are pleased to announce the closing of the previously announced plan of arrangement (the “Arrangement“) under the Business Corporations Act (British Columbia) pursuant to which iAnthus acquired all of the issued and outstanding common shares of MPX (the “MPX Shares“) pursuant to the terms of an arrangement agreement, as amended, among, inter alia, iAnthus and MPX dated October 18, 2018 (the “Arrangement Agreement“).
Pursuant to the terms of the Arrangement Agreement, 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 October 17, 2018. In addition, each MPX shareholder received common shares of newly formed MPX International Corporation (“MPX International“), which holds all of the non-U.S. cannabis businesses of MPX. MPX International has received conditional approval to list its securities on the Canadian Securities Exchange (the “CSE“) and MPX International expects that the common shares of MPX International will commence trading on or around February 6, 2019.
The combined company (iAnthus and MPX), now has operations in 11 states that will permit iAnthus to operate 63 retail locations and 15 cultivation/processing facilities. As a result of the business combination, iAnthus has 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, forming super-regional footprints in both the eastern and western United States reaching over 121 million potential customers.
iAnthus has submitted applications to the CSE and the Ontario Securities Commission to delist the MPX Shares and for MPX to cease to be a reporting issuer.
Management Commentary
“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.” said Hadley Ford, CEO of iAnthus.
“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 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,” said Mr. Ford. “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.”
Management and Board Changes
Immediately prior to the closing of the Arrangement, all directors and officers of MPX resigned and MPX is now a wholly-owned subsidiary of iAnthus. iAnthus will expand its board of directors to seven members. Current board members Hadley Ford, Randy Maslow, Julius Kalcevich and Paul Rosen will be joined by MPX’s nominees Robert Petch, Elizabeth Stavola, and Robert Galvin. Dr. Richard Boxer has resigned from the board of directors of iAnthus to make way for one of MPX’s nominees and will remain with iAnthus in the role of Chief Medical Officer. Mr. Ford added, “On behalf of iAnthus and MPX, I’d like to thank Robert Petch and MPX’s special committee for their support of this transaction.”
Further information about the closing of the Arrangement is available on the SEDAR profile of iAnthus on SEDAR at www.sedar.com.
iAnthus Capital Holdings, Inc. (CNW Group/iAnthus Capital Holdings, Inc.)
About iAnthus Capital Holdings, Inc.
iAnthus Capital Holdings, Inc. owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and health care services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. The Company uses these skills to support operations across six states. For more information, visit www.iAnthusCapital.com.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in iAnthus’ periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should, our vision” and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, anticipated benefits associated with the business combination with MPX, the delisting of the MPX Shares, the cessation of MPX as a reporting issuer, the listing of MPX International on the CSE, the size of iAnthus’ retail footprint, iAnthus’ national retail strategy, and other statements of fact.
Readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. iAnthus disclaims any intention or obligation to update or revise such information, except as required by applicable law, and iAnthus does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE iAnthus Capital Holdings, Inc.
Related Links
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
Search CannabisFN
Press Coverage
Psychedelics Index
Top Videos
Technical420 is the premier provider of research and analysis on cannabis stocks. We provide investors with sponsored and non-sponsored information on the volatile and emerging cannabis industry. “Our research is our passion!” Your profit is our reward!
Matt Hawkins is the founder and managing principal of Cresco Capital Partners, LLC (“Cresco”), a private equity firm focused specifically on investing in the legalized cannabis industry. Since its inception in the summer of 2015, Cresco has made 14 investments out of its first fund and is currently raising this fund, Fund II. Prior to the […]
First Foods Group, Inc. provides management services and funding options for emerging food brands and menu concepts, including a hemp-based chocolate line.
Decibel is uncompromising in the process and craftsmanship needed to deliver the highest quality cannabis products and retail experiences.
Network Partners
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer
