A Toronto-based cannabis company just announced that its Thailand subsidiary will be opening a 600-million-baht (C$22,900,000) cannabis/hemp production plant in Doi Saket district of Chiang Mai province in Thailand, according to the release. Shares of MPX International Corp (OTCQB:MPXOF), the parent company, rallied strongly on the news.
MPX is a diversified cannabis company focused on developing and operating assets across the global medical and adult-use cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient. The majority of the revenue is generated in Canada itself.
Traders were extremely bullish on the news as shares quickly climbed up to $0.0541/share (+73.40%) at the early session high on Wednesday. This move is the first sign of life from the micro cap as it has been riding a downtrend since its February 2021 peak of $0.25.
