MPX Bioceutical released its financial results for the fiscal first quarter of 2019.
MPX Bioceutical (CSE:MPX) released its financial results for the fiscal first quarter of 2019.
As quoted in the press release:
“We recorded another quarter of strong topline results, with revenue increasing $10 million year over year, to a record of $14.5 million, driven by the strong performance of our Arizona operations,” said W. Scott Boyes, Chairman, President and CEO of MPX. “Our recent acquisitions within the State of Arizona, the expanded distribution capabilities for our MPX and Timeless wholesale brands, as well as the sales growth at our Health for Life retail dispensaries have significantly strengthened our results. We are thrilled with the continued success of our Arizona operations as we execute on our strategy to replicate this business model within our other markets, including Maryland, Massachusetts, Nevada and Canada, as well as signing an extraction agreement that expands our distribution network throughout California. We are making solid progress pursuing state licenses, establishing strong management structures and growing the reputation of both our wholesale and retail brands. By expanding our footprint in multiple states, we are laying the foundation to achieve future revenue growth while driving value for shareholders.”
Beth Stavola, COO of MPX, added, “After strong growth in fiscal 2018, our momentum continues to build as we enter into fiscal 2019. We continue to execute upon the strategic expansion of our geographic footprint, with expanded operational capabilities to meet the demand for both medicinal and adult-use cannabis in jurisdictions across North America. The cannabis market continues to forge ahead, with the United States making progress state by state and a visible, continued push for meaningful cannabis law reform at a federal level. As Canada approaches its October 17 legalization date for adult-use cannabis and attitudes toward cannabis use continue to evolve, we are encouraged by the momentum in the industry, and pleased to have established our strategic position in multiple jurisdictions at this time.”