MPX International Announces First Quarter 2021 Financial Results



TORONTO, ONTARIO – TheNewswire - March 2, 2021 – MPX International Corporation (“MPX International”, “MPXI” or the “Corporation”) (CSE:MPXI); (CNSX:MPXI.CN); (OTC:MPXOF), a multinational diversified cannabis company, has reported its financial results for its first fiscal quarter, the three month period ended December 31, 2020. All figures are presented in Canadian dollars unless otherwise indicated.

The Corporation is focused on developing and operating assets across the global cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient.

Corporate Highlights for the Three Months Ended December 31, 2020

MPXI Closed Additional Tranches of the Offering

During the three months ended December 31, 2020, the Corporation completed additional tranches of a non-brokered private placement offering (the “Offering”) of units (the “Units”) and also further amended the Debenture Indenture (as defined below) on December 18, 2020 pursuant to the 2nd supplemental debenture indenture to increase the principal amount under Debenture Indenture, as amended on September 16, 2020, by $3,400,000 (US$2,500,000) to a new maximum principal amount of up to $10,200,000 (US$7,500,000) and to confirm the Canadian and United States dollar currency exchange rate as 1.36 Canadian dollars for each US$1.00.

During the quarter, the Corporation issued an aggregate of 2,881 Units in three additional tranches closing on October 20, 2020 (506 Units), December 24, 2020 (2,229 Units) and December 31, 2020 (146 Units) at a price of US$1,000.00 ($1,360) for aggregate gross proceeds of $3,918,160 (US$2,881,000).

As at December 31, 2020, the Corporation issued a total of 7,375 Units for aggregate gross proceeds of $10,030,000 (US$7,375,000) for the closing of the initial six tranches of the Offering.

Each Unit consists of one 12% secured convertible debenture of the Corporation (a “Debenture”) in the principal amount of US$1,000.00 (the “Principal Amount”) and 7,000 common share purchase warrants (each, a “Debenture Warrant”). The Debentures will have a maturity date of twenty-four (24) months from the date of issuance, subject to certain conversion privileges (the “Maturity Date”) as set forth in a debenture indenture (the “Debenture Indenture”) entered into with AST Trust Company (Canada) (“AST”). Each Debenture will rank pari passu in right of payment of principal and interest with all other Debentures issued under the Offering.

The Corporation used the proceeds from the Offering to fund product and facility development as well as for working capital and other general corporate purposes.

Each Debenture bears interest at a rate of 12% per annum from the date of issue, payable quarterly in arrears on the last day of March, June, September and December in each year (each, a “Coupon Date”). All accrued but unpaid interest as of each Coupon Date shall be payable by the Corporation in cash and shall accrue interest at a rate of 12% per annum.

The Principal Amount is convertible, for no additional consideration, into MPXI Shares at the option of the holder at any time prior to the earlier of: (i) 6:00 p.m. (Eastern Standard Time) on the Maturity Date; or (ii) the business day immediately preceding the date specified by MPXI for redemption of the Debentures at a conversion price equal to $0.12 per MPXI Share.

Each Debenture Warrant entitles the holder thereof to purchase one MPXI Share (each, a “Debenture Warrant Share”) at an exercise price of $0.20 (the “Exercise Price”) for a period of twenty-four (24) months from the Closing Date (the “Expiry Date”).

During the quarter, the Corporation paid aggregate cash finders fees of $29,716 (US$21,850) and issued an aggregate of 400,583 Compensation Warrants to certain finders pursuant. Each Compensation Warrant entitles the holder to acquire one (1) MPXI Share at an exercise price of $0.20 per MPXI Share for twenty-four (24) months. No finder’s fees were paid in connection with the Fourth Tranche.

Canveda Enters into a Supply Agreement with the Alberta Provincial Retail Regulator for Strain Rec™ Products.

On October 1, 2020, the Corporation announced the entering into of an agreement dated August 7, 2020 between Canveda and AGLC for the supply of cannabis under the Strain Rec™ brand. Initially, Canveda will supply several strains of unique, high quality flower which will be sold by retail outlets in the Province of Alberta, as well as through AlbertaCannabis.org. Additional product SKUs will follow as Canveda’s product offering diversifies. The agreement will continue until December 1, 2021, unless terminated earlier and may be extended upon mutual agreement of the parties for a maximum of two (2) additional terms of up to 18 months each.

MPX International enters into Asset Purchase Agreement to Expand into the Alberta Retail Cannabis Market under the Retail Banner Strain Rec™

On October 14, 2020, the Corporation announced that MPXI Alberta entered into an asset purchase agreement (the “Asset Purchase Agreement”) dated July 31, 2020 pursuant to which MPXI Alberta acquired substantially all of the assets of Blaze 420 Today Inc. (“Blaze 420”), including the leasehold interests to three (3) locations across Alberta which each have received development permits to operate as retail cannabis stores (the “Assets”).

The Assets acquired will enable MPXI to establish a cannabis retail platform in Alberta and open up to three (3) retail cannabis stores in the Edmonton, Alberta area, subject to the final approval from AGLC, upon meeting all licensing requirements.

MPXI Alberta has obtained approval from the AGLC to operate as a licensed candidate.

Pursuant to the terms of the Asset Purchase Agreement, MPXI Alberta acquired the Assets for a total purchase price of up to $749,000 comprised of the following consideration and based upon the achievement of certain milestones as set out below:

 
  1. (i)up to $283,333 as of the date of the official opening of the first (1st) retail store (“Milestone 1”) satisfied as follows: (a) $83,333 in cash; (b) $100,000 of MPXI Shares to be issued at a fixed price of $0.25 per MPXI Share; and (c) $100,000 through the issuance of a promissory note (“Note 1”), less any outstanding principal amount and any accrued and unpaid interest owing by Blaze 420 to MPXI as of October 1, 2020 (the “Closing Date”) pursuant to the promissory note between Blaze 420 and the Corporation dated June 27, 2019; 

 
  1. (ii)up to $183,333 as of the date of the official opening of the second (2nd) retail store (“Milestone 2”) satisfied as follows: (a) $83,333 in cash; and (b) $100,000 through the through the issuance of a promissory note (“Note 2”); and  

 
  1. (iii)up to $283,333 as of the date of the official opening of the third (3rd) retail store (“Milestone 3”) satisfied as follows: (a) $83,333 in cash; (b) $100,000 of MPXI Shares to be issued at a price per share equal to the ten (10) day volume weighted average price of the MPXI Shares on the CSE as of the day Milestone 3 is achieved; and (c) $100,000 through the through the issuance of  a promissory note (“Note 3” together with Note 1 and Note 2, the “Notes”). 

The Notes will be paid in quarterly increments with each payment equal to 20% of the Free Cash Flow generated in the previous quarter by the specific retail store operated by MPXI Alberta that the Note was issued in connection with. Free Cash Flow” means, the cash that is produced after MPXI Alberta pays for all its operating expenses (including creditor payments, sales taxes, corporate taxes and interest payments) and provides for accrued but unpaid salaries, payroll taxes, sales taxes, corporate taxes and operating expenses and overdue creditor accounts. For the avoidance of doubt, the Free Cash Flow calculation for purposes of the Agreement will exclude: (A) the introduction of new capital; (B) any capital expenditure; and (C) proceeds from the disposal of any assets.

Appointment of New Chief Financial Officer

On October 19, 2020, the Corporation announced the appointment of Jeremy Blumer as MPXI’s new Chief Financial Officer, effective October 16, 2020.

Mr. Blumer brings over 25 years of financial experience with both public and private companies to the Corporation, including in the cannabis industry as CFO with Quality Green Inc. a cannabis license holder based in Ontario and Wayland Group Corp. (formerly Maricann Group Inc.) which controlled a multinational group of cannabis companies. Mr. Blumer was also the Senior Director and Head of Accounting at Blackberry and held senior finance positions with Certicom, Ontario Ambulance Services Co and Pilot Insurance.

Mr. Blumer is a Chartered Professional Accountant (CPA, CA) and holds an Honours Bachelor of Commerce degree in Accounting and Finance from Queen’s University.

Canveda Completes First Transaction under its Agreement for the Manufacturing and Distribution of Cannabis Products in Israel

On November 19, 2020, the Corporation announced that Canveda completed its first delivery of cannabis flower pursuant to the Panaxia Manufacturing & Distribution Agreement.

A first shipment of 100 kg of high-quality cannabis flower was shipped from Canada to Israel on November 15, 2020 after receiving an export permit from Health Canada. The flower will be packaged and distributed by Panaxia under the Salus Biopharma brand to Israeli patients and pharmacies over the course of calendar Q1 and will be recorded as revenue as deliveries are confirmed.

Panaxia uses high-quality cannabis flower to manufacture and distribute a variety of standardized, pharma-grade, smokeless, measured dosage cannabinoid-based products including sublingual tablets, slow-release tablets, pastilles, rectal suppositories, vaginal suppositories, skincare ointments, topical patches and oral spray inhalers. The Salus BioPharma products will be sold to patients with a variety of conditions such as PTSD, chronic pain, cancer, epilepsy, Parkinson’s, Alzheimer’s, anorexia and HIV/AIDS.

Canveda Receives Licence Amendment from Health Canada Authorizing Production and Sales of Cannabis 2.0 Products

On December 1, 2020, the Corporation announced that Canveda received a licence amendment from Health Canada which authorizes Canveda to produce, sell, and export all categories of authorized Canadian cannabis products, including topicals, extracts and edibles.

Prior to the receipt of the amended licence, Canveda has been developing its flower and pre-roll product offerings in Alberta, Saskatchewan and Israel. This amendment allows Canveda to immediately expand into the production and sale of other Cannabis 2.0 products, such as extracts, vapes, tablets and topical creams. These products will be offered under both the “Salus” medical brand and the popular recreational “Strain Rec™” brand.

Outlook

The Corporation continues to be focused on developing and operating assets across the global cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient.

In Canada, the Corporation continues to transition its principal business model away from cultivation to one of intermediation between buyers and sellers, accessing or facilitating the sale of cannabis products from licensed License Holder’s (“LH”) and arranging or facilitating sales to medical cannabis consumers domestically and, increasingly, to international buyers. This strategy reduces or eliminates the need for large capital investment, while generating fees and margins with equivalent net returns than are generally available from seed-to-sale operations. The Corporation is currently involved in late-stage negotiations to facilitate several further export opportunities to Europe, Israel and Australia.

Domestically, utilizing the resources of Spartan and the Medical Cannabis Learning Network, MPXI is currently working together with several third-party License Holders and customer aggregation entities to educate and market cannabinoid-based medicines to Canadian patients. Revenue is generated through transactional and/or hourly-based consulting fees from Licence Holders. The Spartan/MCLN platform acts as both a telemedicine medium providing patient access to medical practitioners for advice and cannabis prescriptions and as a sales platform for Canveda and anticipates adding other third-party Licence Holders in the coming months. The MCLN operates in much the same manner as Amazon or Shopify by providing on-line sales facilitation between medical cannabis users and Licence Holders.

This private social network connects patients with credible information on the use of medical cannabis, offers the ability to conduct virtual consultations with qualified medical practitioners and acts as an order-entry tool for the purchase of medical cannabis products from Canveda. MPXI is anticipating the addition of other third-party Licence Holders to the platform over the next several months.

The MCLN and its integration with the Spartan platform will play a significant role in our growth in Canada this coming year. Spartan is a leading medical cannabis clinic dedicated to assisting Veterans of the Canadian Forces, RCMP and first responders since 2017. Spartan has also expanded its services to helping Canadians seeking medical cannabis education, prescriptions, and advice on a wide selection of reputable Health Canada approved product offerings at its premier virtual clinic. Spartan prides itself on its 3 key measures for aligning clients with reputable suppliers: customer services, product availability, and product quality. Spartan attributes its continued growth to its 4 Pillars of Success: (1) Honesty; (2) Integrity; (3) Respect; and (4) Giving Back to the Community. 

Over 40 countries, including 24 in Europe, have legalized cannabis in some form and medicinal use is by far the primary focus of legalization. Success in the medical cannabis marketplace is largely determined by the number of patients being served and the Medical Cannabis Learning Network is a leading edge “patient acquisition” technology which can be adapted for use in many countries.

MPXI continues to explore opportunities to enter the retail (dispensary) arena in Canada and Switzerland. The first “HolyWeed” branded location was launched in Geneva in January 2020 and has been consistently profitable, supported planned expansion of retail outlets in Zurich and elsewhere in Europe. The Corporation intends to continue the creation of a retail footprint for its products in Canada, Europe and elsewhere.

In spite of Covid-related delays in the receipt and installation of extraction, distillation and packaging equipment throughout most of calendar 2020, Switzerland’s CBD processing lab is now virtually complete and has the ability to process substantial amounts of CBD distillate and isolate for sale into the global market throughout the coming months. The initial production of high-quality CBD distillate commenced in late September with capacity expected to continue to expand during fiscal Q2 and grow significantly in subsequent months.

With the ultimate goal of creating a global supply chain of low-cost biomass, efficiently-scaled production of GMP quality cannabinoid products for sale into high-value markets, the Corporation will also continue to develop its projects in Malta and South Africa. While again plagued with COVID-19 induced delays, the Corporation still expects each of these two projects to commence operations during calendar Q2 of 2021 and calendar Q4 respectively.

In Australia, the opportunity to import products from Malta, Canada and South Africa has prompted the Corporation to change its focus from domestic production to developing an import and distribution capability and now plans to import and introduce the Salus branded products to the Australian market. MPXI’s Australian subsidiary is fully licensed for the import and distribution of cannabis.

Finally, the Corporation continues to investigate and develop other international expansion opportunities that could provide lower-cost cultivation, new genetics, innovative production technologies and, most importantly, new markets for its products. In addition and as part of the aforementioned investigation, the Board, supported by its management team, regularly explores and evaluates potential strategic alternatives focused on maximizing shareholder value.  These alternatives could include, among other things, the sale of part or all of the Corporation, financing certain business units of the Corporation through equity or debt, a sale of some of the assets of the Corporation, a merger or other business combination with another party, or other strategic transactions.

The business interruption created by the global shutdowns and travel restrictions has had a negative impact on the progress of the multiple domestic and international projects initiated by the Corporation in late 2019 and early 2020. Unlike most other cannabis ventures, virtually all of MPXI’s operations were still in the pre-revenue stage when the virus emerged. As a result, the Corporation embarked on plan of cost containment, including wage reductions, the cancellation of several consulting arrangements, the delay of construction of facilities in Switzerland and South Africa and the abandonment of selected infrastructure projects in Canada and Australia. MPXI will extend many of these cost-saving initiatives in the post-COVID-19 period.

The international cannabis industry is evolving rapidly. Regional reports prepared by the London-based cannabis research firm Prohibition Partners predicts that by 2028, the European market for cannabinoid-based products will reach €120 billion (US$135 billion), the Oceania region will approach US$8.7 billion and, by 2024 Southeast Asia will achieve sales of US$8.5 billion (not inclusive of the huge CBD market in China). These potential revenues more than double the projected North American market for the same period.

MPXI, with its access to best practises, product formulations, SKU variety and branding acquired from management’s previous U.S. involvement, its management experienced in both the U.S. and international cannabis and financial markets, its access to global capital and its early mover entry into multiple geographic regions, is extremely well positioned to benefit from this exponential growth in the international cannabis market.

Financial Overview

Net Revenue

A summary of the Corporation’s quarterly net revenue since March 31, 2019 is presented below:

Three months ended

Net revenue

($)

December 31, 2020

1,910,491

September 30, 2020

835,929

June 30, 2020

920,717

March 31, 2020

798,516

December 31, 2019

616,309

September 30, 2019

448,012

June 30, 2019

674,745

March 31, 2019

212,201

 

The Corporation realized significant growth both year over year (increase of 210% vs. Q1, 2019) as well as compared to the prior quarter (increase of 129% vs. Q4, 2020).  Canveda and HolyWeed revenue growth was primarily driven by more months of operations as well as expansion of those businesses.

The Corporation has an aggressive growth plan including distribution across more provinces in Canada, additional, well-established suppliers to help deepen the product offerings and increase both quality and inventory reliability as well as focused sales and marketing efforts in Switzerland.  Accordingly, MPXI is poised for significant sales growth over the mid-term, particularly as COVID-19 restrictions begin to ease and consumer sales behaviour begins to settle into both stronger and more reliable patterns and results.

Cost of Sales

For the three months ended December 31, 2020, MPXI posted cost of sales of $461,826 (three months ended December 31, 2019 - $64,704). Cost of sales is exclusively driven by Canveda, Spartan and HolyWeed sales.  

Gross Profit

Gross profit for the three months ended December 31, 2020, before adjustment for the unrealized gain in the fair value of biological assets was $1,448,665, representing a gross margin of 61.4%. The gross margin was driven by sales at Canveda, Spartan and HolyWeed. Gross profit after adjustment for the unrealized gain in the fair value of biological assets was $1,771,417 calculated at 75% of sales. The unrealized gain in fair value of biological assets relates to cannabis plants in various growing stages at the Canveda Facility.

Gross profit for the three months ended December 31, 2019, before adjustment for the unrealized gain in the fair value of biological assets was $551,605 which represents a gross margin of 88.2%. The higher gross margin was mainly driven by the high percentage of sales attributable to Spartan, which are commission based and have minimal cost of sales. Gross profit after adjustment for the unrealized gain in the fair value of biological assets was $1,416,848 calculated at 226.5% of sales. The unrealized gain in fair value of biological assets related to cannabis plants at Canveda and HolyWeed.

The increase in gross profits quarter over quarter and year over year are due to increased operational and sales activity across the Corporation, particularly in Canada and to a lesser extent Switzerland. While representing a slightly lower gross margin percentage, the material increase in volume more than mitigates that decrease.  The Corporation is starting to realize the benefits of increased efficiencies as well as more refined processes as the Corporation continues to take advantage of its experience and expertise.  Additionally, Canadian operations continue their move towards distribution in multiple, Canadian jurisdictions, particularly compared to the prior year, which will further increase sales and gross margin dollars.

Operating Expenses

Operating expenses

Three months ended

December 31,

2020

($)

2019

($)

General and administrative

2,569,818

3,863,381

Professional fees

   227,348

   845,051

Share-based compensation

       3,257

    40,172

Amortization and depreciation

1,379,733

1,453,547

 

4,180,156

6,202,151

  

Professional fees decreased to $227,348 for the three months ended December 31, 2020 as compared to $845,051 in the comparable period. These fees include expenses related to audit, advisory, legal work, government and investor relations, consulting and costs associated with the board of directors of MPXI (the “Board”). The decrease is largely attributable to the significant cost savings initiatives the Corporation has undertaken. This has also been helped by the less complex nature of the quarter’s transactions when compared to the same period last year, requiring less external, professional support.

As part of the Corporation’s incentive stock option plan (the “Stock Option Plan”), the Corporation recognized $3,257 share-based compensation for the three months ended December 31, 2020, as compared to $40,172 in the comparable period. The Corporation granted stock options to employees, directors, officers, and consultants of the Corporation under the Stock Option Plan on February 26, 2019, May 29, 2019, September 19, 2019, February 11, 2020 and October 15, 2020.

Amortization and depreciation decreased to $1,379,733 for the three months ended December 31, 2020, as compared to $1,453,547 in the comparable period. This relates to amortization of intangible assets and depreciation of property, plants and equipment being held by the Corporation during the three months ended December 31, 2020.  While the Corporation has continued to invest in critical, capital assets, the Corporation has only required less expensive packaging and fulfillment equipment as compared to base extraction tools which carry a significantly higher price.  The Corporation has plans for additional capital expenditures throughout the year with the intent of ensuring sufficient capacity to meet demand as well as more advanced technology to drive continued product development and innovation.

General and administrative expenses for the three months ended December 31, 2020, and 2019, are allocated as follows:

General and administrative

Three months ended December 31,

 

2020                 2019  

($)                    ($)

 

Occupancy costs

 28,207

110,377

Consulting fees

626,097

989,928

Office and general

518,487

1,102,351

Repairs and maintenance

10,477

21,666

Salaries and benefits

1,252,142

1,364,418

Project costs

-

-

Sales and marketing

82,734

239,245

Regulatory expenses

51,674

35,396

 

2,569,818

3,863,381

 

The decrease in general and administrative expenses for the three months ended December 31, 2020, as compared to the three months ended December 31, 2019, was primarily due to decrease in occupancy costs, consulting fees, office and general expenses and sales and marketing expenses. More specifically, occupancy and office and general costs have decreased in locations that are no longer part of its cost base.  The decrease in consulting fees is result of decreased use of consultant resources relating to new business initiatives as well as M&A activities, as was the case in the prior year.  Sales and marketing expenses are also down due to their nature as discretionary expenses and that the Corporation’s focus on maintaining a lean structure as it moves toward profitability.  It is our expectation that these types of expenses are likely to increase as more production and products come on-line.

The Corporation will continue to review its cost structure to ensure it operates in as an efficient a manner as is possible.  While nothing specific is planned in this regard, it is the Corporation’s intention to continue monitoring and adjusting its cost base as required, focusing on revenue and profit generating activities while minimizing the administrative overhead burden.

Other income and expenses

Foreign exchange for the three months December 31, 2020 of ($16,902) ($146,640 at December 31, 2019) is relatively flat for the quarter.  Currency fluctuations were not of a specifically high exposure due to most currency being held in CAD vs. the prior year which saw a considerable amount of activity in Switzerland.  As a note, the Corporation operates in a number of jurisdictions and expects cash flows to occur in multiple currencies including United States dollars, Swiss Francs, Euros, South African rand, and Australian dollars.

Accretion expense for the three months ended December 31, 2020 of $379,331 ($48,416 at December 31, 2019) relates to the increase in convertible debentures held at December 31, 2020 when compared to the same period the prior year.

Change in fair value of contingent consideration related to the Spartan transaction. There is no longer a liability on the balance sheet as the milestone obligations have not been met.

FMV change – option component for the three months ended December 31, 2020 reflects a gain of $781,239 and relates to the change in fair value of the option component of convertible debt at December 31, 2020.  This amount can fluctuate quarter over quarter as a function of valuing the outstanding instrument.

Transaction costs for the three months ended December 31, 2020 of $213,008 relate primarily to professional services in connection to the acquisition of MPXI Alberta, and Spartan financing.

 

Non-IFRS Measures

EBITDA

EBITDA

Three months ended December 31,

 
 

2020                 2019  

($)                    ($)

 

Net loss

(2,262,934)

(4.456,065)

Adjustments:

  

Amortization and depreciation

1,379,733

1,453,547

Interest income

(9)

(11,454)

Interest and financing charges

180,483

172,773

Income tax expense (recovery)

-

(243,531)

EBITDA

(702,727)

(3,084,730)

 

EBITDA for the 3 months ended December 31, 2020 was ($702,727) compared to ($3,084,730) for the three months ended December 31, 2019, representing an increase of 77%.  This is the result of a full quarter operations, increasing sales, particularly in Canada, and more efficient management of costs.

The Corporation’s sales have continued to increase which is generally what is driving the higher EBITDA.  MPXI’s prospects continue to improve with the current lean structure and continued trajectory for sales which is expected to continue throughout the year subject to the unpredictable business impacts of COVID-19. The COVID-19 pandemic may continue to have material impacts on business development and market penetration and may continue to cause some fluctuation in the growth trajectory as society continues to work through the pandemic.

 

Summary of Quarterly Results

Three Months Ended

Total Assets

($)

Net Revenue

($)

Net Loss before income taxes

($)

December 31, 2020

54,348,249

1,910,491

                                       2,262,934

September 30, 2020

52,369,858

835,929

28,942,694

June 30, 2020

79,491,239

920,717

5,437,458

March 31, 2020

79,829,874

798,516

2,652,203

December 31, 2019

79,260,738

616,309

4,699,596

September 30, 2019

77,228,239

448,012

3,062,406

June 30, 2019

77,349,218

674,745

989,506

March 31, 2019

63,219,442

212,201

3,589,645

A more detailed discussion of these and other metrics, as well as operational events, can be found in the Corporation’s Financial Statements and Management Discussion & Analysis (“MD&A”) filed on www.sedar.com.

About MPX International Corporation

MPX International Corporation is a multinational diversified cannabis company focused on developing and operating assets across the international cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient. With current operations spanning four continents in Canada, Switzerland, South Africa, Malta and Australia as well as evolving partnership and distribution opportunities in other jurisdictions, MPXI continues to position itself as an emergent global participant in the cannabis industry.

 

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, MPX International’s objectives and intentions.  Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; the Corporation’s ability to effectively deal with the restrictions, limitations and health issues presented by the COVID-19 pandemic; future cannabis pricing; cannabis cultivation yields; costs of inputs; its ability to market products successfully to its anticipated clients; reliance on key personnel and contracted relationships with third parties; the regulatory environment in Australia, Canada, Malta, South Africa, Switzerland and other international jurisdictions; the application of federal, state, provincial, county and municipal laws; and the impact of increasing competition; those additional risks set out in MPX International’s public documents filed on SEDAR at www.sedar.com, including its audited annual consolidated financial statements for the financial years ended September 30, 2020 and 2019, and the corresponding management’s discussion and analysis; and other matters discussed in this news release. Although MPX International believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, MPX International disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information about MPXI, please contact:

MPX International Corporation

W. Scott Boyes, Chairman, President and CEO

T: +1-416-840-4703
info@mpxinternationalcorp.com

or visit one our websites:

https://mpxinternationalcorp.com

https://cbdetc.com

https://holyworld.ch/en/

https://spartannetwork.ca

https://strainrec.ca

https://canveda.ca

https://miracbd.ca

http://mpxi.tv

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