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MPX Bioceutical (OTC: MPXEF)

Should you invest in MPX Bioceutical? Recommendation: See Below

Fundamentals

Overview:
HQ: Toronto ON
Incorporated: 1974 as Canadian Bioceutical Corporation (changed name in Nov 2017)
Symbol: MPXEF (OTCQB), MPX (TSX)
Facilities: NV, AZ, MA, MD and Ontario
Exchanges: TSX, OTC
Licenses: Licensed to produce and sell through retail in 4 US states, pending license in Canada
CEO: Scott Boyes

Focus: Strong
Primary: They are not trying to be the biggest cultivator selling wholesale. MPX is originally (and for a while still, primarily) a cannabis dispensary operator (for other owners). But it is now buying and building its own cultivation facilities and dispensaries. It is building a multinational diversified cultivation and retail distribution (dispensary) business for cannabis & related medicines, through organic growth.

Size:
Market Cap: $245 (was $239 mil
Enterprise Value: $209 (was $249 mil
Size within cannabis industry: About 20th of 200+
Size among cultivators: 13th of about 40
# of employees: 150+

Markets:
Primary: Four US states currently: Nevada, Massachusetts, Arizona, Maryland
Secondary: Canada

Subsidiaries, Interests:
Majority Subsidiaries:
-99% of GreenMart NV, a cultivator and wholesaler in NV
-51% interest in IMT, LLC and Fall River Developments, LLC, Massachusetts-registered companies active in the cannabis space.
Minority Interests: N/A

Operations:
Cultivation: Neutral  (still small)
– USA: Plans for four production facilities in four states, including: AZ, MA, NV, MD
– CANADA: Building 72,000 sf (1.7 acre) facility in Owen Sound, Ontario to produce 8000 kgs/yr. Will begin cultivation Q3 2018. Later, can expand facility to 475,000 sf (11 acres) to produce about 50,000 kgs/yr.
Current production: Zero
2019 capacity: 8000 Kgs/year of dried cannabis, 1200 kgs of oil
2020 capacity: If they expand, could then produce close to 50,000 kgs/yr
Distribution: Neutral  to Strong
Direct sales: Currently appears to have in-store sales only, no online sales
Store networks: Currently managing dispensaries, and building its own dispensaries
Supply agreements: None

Integration/Diversification: Strong
Vertically integrated: yes, production and dispensaries
Horizontally diversified: yes, management consulting to cannabis businesses

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Financials: Strong
Revenue rank among cultivators: 15th of 40
Net income per share: -$0.05
Average revenue per gram: $11.64 (premium price/quality)
Cash: $32 mil

Management: Strong  (seasoned cannabis operators)
CEO: W Scott Boyes
CFO: David McLaren
COO: Elizabeth M. Stavola
VP of Ops: Shay Shnet

Should you invest in MPX Bioceutical?

Branding: Strong
All the dispensaries and product brands have strong logo and design quality behind them. The company understands branding and is focused on it. The three Health for Life dispensaries they operate (with options to buy) in Phoenix, AZ are beautifully designed and will create strong brands for the dispensary.

Valuation: Strong
Current share price: $0.64
Price to Sales:    18 (Tobacco industry = 5)
Price to Book: 4.5
EV / revenue: 16
EV / revenue rank in industry: N/A

Financings: US$38mm equity capital raised in fiscal year 2018 ending Mar 2018.

Risks: All cannabis stocks are risky, especially penny stocks operating in the USA, like this one.

Should you invest in MPX Bioceutical?

Recommendation:  Positive (in the long term, 2+ yrs minimum)


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