MPX Bioceutical Corp. indirect wholly owned subsidiary S8 Management LLC on Jan. 31 entered a management agreement with cannabis retailer GreenMart of Maryland LLC to provide all management services required to operate a dispensary facility of GreenMart's size and type.
At the same time, MPX wholly owned subsidiary CGX Life Sciences Inc. will acquire an option to purchase all of the issued and outstanding membership units of GreenMart from The Elizabeth Stavola 2016 NV Irrevocable Trust for an exercise price of $1.00 at an option period of two years.
CGX will have to pay the trust an option premium of $2.5 million to acquire the option and cannot act on it until 90 days after GreenMart receives a license or permit from the state commission to dispense medical cannabis in the state of Maryland.
Also under the agreement, GreenMart will operate a Health for Life dispensary in Baltimore, Md., that is under construction and is expected to be operational in April 2018, MPX said.
