MPX Bioceutical Corporation (CSE:MPX) reports financial results for its fiscal year which ended on March 31 and shared a general business update with investors.
As quoted in the press release:
“We recorded strong topline year-end results, with revenue increasing $16.9 million year over year, to $21.3 million, fueled primarily by the Health for Life medical cannabis dispensaries in Phoenix, Arizona,” said W. Scott Boyes, Chairman, President and CEO of MPX. “We are pleased with the success of our business model in Arizona, where both our Health for Life retail dispensary brand and MPX wholesale brand have rapidly gained traction and proved to be popular among medical cannabis patients.”
Mr. Boyes continued, “Our Arizona assets are all cash flow positive. Our strategy is to continue to invest heavily in replicating this Arizona business model in targeted states across the U.S., to rapidly grow market share and to achieve our goal of becoming one of the largest participants in the burgeoning cannabis sector. During the fiscal year 2018, we made excellent progress laying the foundation for this growth by completing management and production agreements in Maryland and Massachusetts. Furthermore, we also reported our first revenues from Nevada, as sales of our wholesale MPX branded products commenced following our acquisition of GreenMart Nevada.”
Beth Stavola, COO added, “Fiscal year 2018 was a breakthrough year for the Company. As a result of our heavy investment in our long term growth strategy, our operations now span multiple jurisdictions in the U.S. and Canada, and we believe we have the capabilities to continue to execute our aggressive expansion strategy to meet the demands of the evolving medicinal and adult-use cannabis market. As we look to the remainder of 2018, we are focused on growing our footprint in a highly competitive and fast paced industry.”