MPX Bioceutical Corp. shareholders approved the Canadian medical cannabis provider's previously announced merger with iAnthus Capital Holdings Inc.

At a special meeting, 99.44% of votes cast were in favor of the transaction. Shareholders representing about 40% of MPX Bioceutical's total issued and outstanding stock voted at the meeting.

The merger will create a new entity called MPX International, which will hold MPX Bioceutical's non-U.S. assets, as well as cultivate, manufacture and market cannabis products globally.

MPX Bioceutical plans to apply for a final order of the Supreme Court of British Columbia for the merger on Jan. 18.

The transaction is expected to close on or before Jan. 30, subject to customary closing conditions.

As previously disclosed, MPX shareholders will receive 0.1673 common shares of iAnthus for each common stock of MPX and will receive common shares of the new entity MPX International.

New York-based iAnthus Capital operates cannabis cultivation, processing and dispensary facilities in the U.S.