MPX International (CSE:MPXI,OTC Pink:MPXOF) announced its Australian subsidiary MPX Australia obtained a crucial operational licence from the Australian Office of Drug Control (ODC).
As quoted in the press release:
Upon receiving formal notification from ODC of the licence issuance, W. Scott Boyes, chairman, president and CEO of MPX International, commented, “The Australian market is highly regulated, so achieving this milestone confirms our position as an international leader; MPX International is now licensed in, or operating on four continents with the ability to import and export cannabis products from each of our licensed locations potentially leading to diverse and sustainable revenue streams around the world.”
Initial construction costs for the facility are expected to be approximately AU$3 to AU$4 million, with additional build out and equipment costs to be an additional AU$3-4 million, phased in over two to three years.
Tibor Vertes, executive director of MPX Australia, observed, “MPX Australia will focus on producing high quality products for the domestic market, and potentially future export to Oceania and the Asia-Pacific region.