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iAnthus’s MPX Bioceutical Deal Highlights

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Dec. 3 2018, Published 2:50 p.m. ET

iAnthus Capital Holdings

iAnthus Capital Holdings (ITHUF) announced in October that it had entered into an acquisition agreement with MPX Bioceutical (MPXEF) for the acquisition of MPX’s US assets.

MPX Bioceutical will form a new entity, MPX International, which will include all the businesses of MPX outside the United States and will not be part of this deal.

The chart above lists the deal’s highlights.

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About the transaction

The acquisition of MPX Bioceutical’s US assets will position iAnthus Capital Holdings as one of the largest companies in the regulated cannabis industry (HMMJ) in the United States. The acquisition will also expand iAnthus’s footprint in ten states.

At present, iAnthus Capital Holdings’ business includes 46 dispensaries and eight cultivation and processing facilities in six states as discussed in the previous article. The business’s total addressable population is ~56 million.

MPX Bioceutical Corporation’s US business includes ten dispensaries and six cultivation and processing facilities in five states. The business’s total addressable population is ~63 million.

On the completion of the transaction, there will be 56 dispensaries and 14 cultivation and processing facilities in ten states for the combined entity, since both have a presence in Massachusetts. The combined entity is expected to have a total addressable population of ~112 million.

This transaction represents the first merger between public companies in the US cannabis industry, and it’s expected to be completed by the end of January 2019.

A few other recent transactions in the cannabis industry include Aurora Cannabis’s (ACB) acquisition of MedReleaf, Trulieve’s (TCNNF) acquisitions of Life Essence and Leef Industries, and Aphria’s (APHA) acquisition CC Pharma.

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