• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login

    Investing News NetworkYour trusted source for investing success

    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Australia Cannabis Market
    Australia Cannabis News
    Australia Cannabis Stocks
    • Australia Cannabis Market
    • Australia Cannabis News
    • Australia Cannabis Stocks
    1. Home>
    2. Australia InvestingAustralia Cannabis Investing>
    Loading...
    0

    MPX International Awarded Australian Medical Cannabis Licence

    Danielle Edwards
    Jan. 28, 2020 01:10PM PST

    MPX Australia will be able to cultivate medical cannabis and resin in its unfinished 70,000 square foot cultivation facility in Tasmania.

    MPX International Awarded Australian Medical Cannabis Licence

    A Canadian cannabis firm with Australian operations has become one of the latest players to be approved for cannabis cultivation in Australia.

    Ontario-based MPX International (CSE:MPXI,OTC Pink:MPXOF) confirmed on Monday (January 27) that its wholly owned subsidiary MPX Australia has been granted a medicinal cannabis licence by the Australian Office of Drug Control (ODC).


    With the newly issued licence, MPX Australia will be able cultivate medical cannabis and produce cannabis resin, as well as test, package and ship its products from its 70,000 square foot cultivation facility in Launceston, Tasmania, which is still under construction.

    MPX International has experienced an upswing in value since it announced its subsidiary is breaking into the Australian cannabis sector. It went up 10.9 percent from the beginning of the week to the start of the trading session on Tuesday (January 28). As of 9:35 a.m. EST, shares sat at C$0.36.

    Scott Boyes, CEO of MPX International, said in a press release that Australia will act as a crucial entry point for the company into the larger Oceania and Asia-Pacific cannabis markets.

    After selling its US assets to multi-state operator iAnthus (CSE:IAN,OTCQX:ITHUF), MPX is emphasizing its focus as an international cannabis player.

    Executive Director Tibor Vertes echoed the sentiment from Boyes, adding that MPX Australia offers a “strong foothold” into the country’s nascent marijuana industry.

    mpx international stock chart jan 28

    Vertes also said the company wants its new Australian licence to lead to the creation of brand awareness and a possible future export gateway for its Australian subsidiary.

    The firm told investors about another licence approval in November 2019, when it got its hands on an official manufacture licence from the ODC for its Tasmania facility.

    The site is scheduled to be in production by mid-2020, and it will be outfitted for indoor cultivation, extraction and manufacturing of medical cannabis products, according to Boyes.

    Boyes credited Tasmania’s reputation for high-quality organic products and its supportive local government as key points in choosing the island for the base of its Australian operations.

    In its Q3 2019 results, MPX International reported total revenue at C$674,745, while showing a net loss from operating activities of C$6.3 million.

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

    Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.

    The Conversation (0)
    Go Deeper
    AI Powered
    Person touching a cannabis plant; Australia map in flag colours.

    ASX Cannabis Stocks: 10 Biggest Companies

    Map of Australia with pins sticking out.

    Australia Cannabis Investing: What You Need to Know (Updated 2024)

    Danielle Edwards

    Danielle Edwards

    Danielle is a staff writer with INN. She graduated from the Master of Journalism program at Carleton University after completing her undergraduate degree in Media Studies at the University of Guelph-Humber. She's written for the Globe and Mail, the Canadian Press, the National Post and the Brampton Guardian. She spends her time covering the cannabis market for INN.

    Latest News

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Australia Cannabis Investing Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×
    Danielle Edwards

    Danielle Edwards

    Danielle is a staff writer with INN. She graduated from the Master of Journalism program at Carleton University after completing her undergraduate degree in Media Studies at the University of Guelph-Humber. She's written for the Globe and Mail, the Canadian Press, the National Post and the Brampton Guardian. She spends her time covering the cannabis market for INN.

    Full Bio

    Learn about our editorial policies.