MPX Bioceutical Corporation (CSE:MPX) (OTCQX:MPXEF) was one of the only gainers on the North American Marijuana Index after announcing its subsidiary GreenMart NLV LLC was awarded four conditional retail marijuana store licenses in the state of Nevada.
Shares of MPX were climbing about 6% higher to US$0.68 in Monday afternoon trading.
Its subsidiary GreenMart NLV has cultivation and production capabilities as well as a kitchen facility to produce branded products for medical and recreational use.
The new dispensaries will open under MPX’s Health for Life flagship retail brand, which is already operational in Arizona, Maryland and soon in Massachusetts.
“We are excited to be able to execute on our growth strategy by adding to our market share in Nevada,” said MPX COO Beth Stavola in the company's press release.
“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.”
The licenses are valid in Las Vegas, Reno, Henderson as well as unincorporated Clark County, or the areas outside of the city.
Nevada reported more than half a billion dollars in cannabis sales during its first year of legalized adult use, according to the Nevada Department of Taxation.
The Toronto-based company announced in October that it planned to merge with iAnthus Capital Holdings Inc (CSE:IAN) (OTCQX:ITHUF).
Contact Lenore Fedow at [email protected]