Politics, the latest on border policy and more of this week’s top stories on the NewsCap.
Canadian Company Acquires Arizona Medical Marijuana Company For $15M
A Canadian company is acquiring an Arizona-based medical marijuana operation for $15 million.
Ontario-based MPX Bioceutical Corporation, through its wholly-owned U.S. subsidiary CGX Life Sciences Inc., will acquire all of the medical marijuana business of ABACA, LLC and three other licensees in Arizona, under the Arizona Medical Marijuana Act. Other licensees include Ambary, LLC, Tarmac Manufacturing, LLC (“Tarmac”) and Tower Management Holdings, LLC. ABACA operates under the name "The Holistic Center" in Phoenix.
The combined companies reported $15 million in sales last year in Arizona. MPX already operated in Maryland and Massachusetts.
Executives say MPX will manage four dispensaries in the greater Phoenix market, and more than double cultivation capacity. A company call for investors about the acquisition is Thursday.