One of the biggest cannabis U.S. operators publicly trading in a Canadian exchange provided shareholders with an update on their sales for the month of March in the state of Arizona.

On Tuesday (April 3) MPX Bioceutical Corporation (CSE:MPX; OTC:MPXEF) issued a statement revealing to investors the company reached a benchmark of US$4 million, representing roughly C$5.2 million in sales for the month of March alone.

Beth Stavola, COO, and president of MPX’s U.S. operations said in the statement that Arizona is a great state for the company. She added the company is satisfied with the regulations from the Arizona Department of Health Services (AZDHS).

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“The Arizona program is well-regulated by AZDHS, the patient count continues to grow, the supply and cost of flower and trim for re-sale and concentrate production is excellent and, while the Phoenix area market is increasingly competitive, retail prices and margins remain attractive,” Stavola said.

MPX holds a variety of assets in the U.S. market, but this year the company announced an expansion in Arizona by acquiring the assets of the membership units of ABACA, Ambary, Tarmac Manufacturing, and Tower Management Holdings.

The company reported sales progression after expanding its footprint in Arizona

During a recent update call with analysts and investors from MPX, Stavola revealed the company’s market share in Arizona amounted to roughly seven or eight percent.

After revealing its expansion in Arizona chairman, president, and CEO of MPX Scott Boyes said the new acquisitions had “recorded trailing 12-month revenues of US$15 million and EBITDA of approximately US$3.5 million.”

Instead of waiting for the pursuit of an LP status, Boyes told the Investing News Network (INN) last year MPX would instead invest in legal cannabis states in the U.S. market.

The company now holds three operating dispensaries, two cultivation and two concentrate production facilities in the Greater Phoenix area.

Investor takeaway

Canaccord Genuity began its official coverage of MPX this year. In March analyst Matt Bottomley issued his first full-length report on the company’s development, starting his coverage with a “Speculative Buy” rating and a price target of C$1.15.

“We believe investing in vertically integrated operations is of particular importance, as owning retail distribution channels both increases operating margins and protects against wholesale pricing pressures and cultivation commoditization,” Bottomley wrote.

“We believe successful branding strategies and retail distribution will eventually determine industry winners,” he added.

In his research, the analyst noted MPX’s value comes from already owning branded dispensaries, holding award-winning brands and leading the medical market in Arizona.

According to Bottomley, the speculative rating was given due to the MPX’s high growth profile and the continued lack of US federal support.

After the markets closed on Tuesday, MPX’s share price was valued at C$0.70, representing no percentage change from Monday’s trading period.

So far in, 2018 the company’s stock on the Canadian Securities Exchange (CSE) has tumbled 37.50 percent, representing a C$0.42 loss.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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