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IAnthus, MPX to expand US cannabis footprint with C$835M stock merger

IAnthus Capital Holdings Inc. will combine with Canada's MPX Bioceutical Corp. in an all-stock deal worth about C$835 million, with the combined company becoming MPX International.

The agreement will see the combined company operate across 10 states. New York-based iAnthus operates licensed cannabis cultivation and dispensary facilities in the U.S. MPX, besides producing and selling medical cannabis, provides advisory, financial and other services to medicinal cannabis enterprises across five states. The companies noted that operations in the 10 states are projected to generate about C$16.2 billion in yearly cannabis sales by 2022.

IAnthus CEO Hadley Ford said in an Oct. 18 statement that the transaction will nearly double the company's U.S. footprint.

The new company MPX International will hold all non-U.S. businesses of MPX and will be listed on the Canadian Securities Exchange. Under the agreement, MPX shareholders will receive 0.1673 common shares of iAnthus for each common stock of MPX. In addition, each MPX shareholder will receive common shares of the new entity MPX International.

The board of the combined company will be increased to seven, with three directors nominated by MPX.

The transaction, which has the approval of both companies' boards, is subject to shareholder and regulatory approvals. MPX will hold a shareholder meeting in January 2019 to seek approval for the merger.

GMP is acting as the exclusive financial adviser while McMillan LLP is serving as legal counsel to iAnthus. Echelon is acting as the exclusive financial adviser to the special committee of the board of directors of MPX.