Marijuana production company sold
Facility on Technology Dr. is expected to eventually employ 30 to 50 people
MPX Bioceutical Corporation has bought out Canveda Inc.
Michael Arnkvarn, executive vice-president and chief marketing officer, said the purchase of the local marijuana production company has established a foothold in Canada to develop a vertically integrated business from seed to sale.
“We have acquired a tremendous amount of expertise in the production and marketing of cannabis oils, cannabis derivatives and cannabinoid-infused products, and in employing multiple delivery formats in the United States,” Arnkvarn stated in a press release.
“We will leverage this knowledge to manufacture and distribute these products in Canada as they become approved for sale by Health Canada.”
The company’s facility is located on Technology Drive.
At the end of last year, former Canveda CEO Les Hansen told Peterborough This Week that the company would be hiring 30 to 50 people to get started in the 12,000square-foot plant.
The privately-held company out of Toronto decided to get in the process of applying for a licence for medical marijuana production about four years ago. The federal government granted them a cultivation licence in June under the Access to Cannabis for Medical Purposes Regulations.
According to the MPX press release, it’s ready to commence its first production run and the Peterborough facility is capable of producing between 1,000 to 1,200 kilograms of high-quality cannabis flower annually. The company also leases a property in Owen Sound, for which an application to Health Canada has been made for cannabis production and sales license.
“The Canveda acquisition should accelerate our ability to secure cultivation, sale and dealer licenses at our Owen Sound facility,” Scott Boyes, chairman, president and CEO of MPX, added in the press release.
“Entering into the Canadian market leverages our success in the United States to become a dominant North American marijuana enterprise and will allow us to explore new markets internationally.” According to the press release, MPX, through its wholly-owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (highmargin concentrates wholesale) brands.