January 15, 2018 |New Cannabis Ventures
MPX Signs Agreement With Israeli Pharmaceutical Company Panaxia for the Production and Marketing of Pharma-Grade Cannabinoid Products.
TORONTO, Jan. 15, 2018 (GLOBE NEWSWIRE) — MPX Bioceutical Corporation (the “Company” or “MPX”) (CSE:MPX) (OTC:MPXEF) today announced that further to its press release dated August 22, 2017, it has entered into a definitive agreement with Panaxia Pharmaceutical Industries Ltd. (“Panaxia”) through its wholly-owned subsidiary Salus BioPharma Corporation (“Salus BioPharma”), a company engaged in the business of development and production of pharma grade cannabidiol medicinal products, medicinal preparations and medicinal accessories (the “CBD Products”).
Panaxia will provide the capital and equipment to build out and equip the manufacturing facility and will supply the non-active ingredients and compounds for formulation and packaging. The CBD Products will be produced at MPX-operated locations under licenses owned or managed by the Company or a subsidiary thereof. Salus BioPharma will provide Panaxia with the raw cannabidiol materials for final product assembly, as well as be responsible for marketing of the CBD Products which will be sold through the Health for Life (“HFL”) dispensaries managed by MPX and through HFL’s wholesale channels to other licensed dispensaries in Arizona.
The agreement also provides Salus BioPharma with exclusivity for the production and marketing of pharma-grade cannabinoid products through MPX-operated dispensaries in Arizona, Maryland, Massachusetts and Nevada with a right of first refusal in any other U.S. State, other than California, Colorado and New Mexico.
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