Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Holyweed, a subsidiary of MPX International (MPXI), has opened its first CBD retail store in Geneva, Switzerland
  • The opening comes after another of the company’s subsidiaries, ‘beleaf’, opened a CBD retail store in Soho, London
  • MPX International also plans to open another Holyweed store in Zurich later this year
  • Shares in MPX International are currently up 4.05 per cent to C$0.38, with a market cap of C$52.03 million

MPX International Corporation (MPXI) has announced the opening of its first Holyweed CBD retail store in Geneva, Switzerland.

Strategically located in one of the city’s busiest streets near the popular ‘Jet d’Eau’ water fountain, the store carries all of the Holyweed brands as well as several third-party brands.

Chairman, President and CEO of MPX International, W. Scott Boyes, said that the opening of the store “further underpins our assertion that Switzerland is our most immediate opportunity for revenue generation, second only to our already revenue generating Canadian operations.” 

“The opening of this first retail location is on the heels of our very successful harvest of approximately 90,000 kilograms of Swiss-organic, high CBD biomass in the fall and continues to build on the strong momentum we are experiencing in this jurisdiction.”

 Cannabis laws in Switzerland are notoriously complex, and while recreational use is still classified as illegal, CDB flowers with a THC level of less than one percent are green-lit for purchase and sale.

Medical marijuana, however, still requires a doctor-issued license.

“Again, we are creating first mover advantages that position MPXI for success as a global leader and will enable us to capture market share as the European CBD market continues to experience massive growth,” Mr. Boyes continued.

The new Geneva retail location builds on the company’s increasing presence in Europe, after MPX International opened its ‘beleaf’ store – another of its cannabis-based brands – in London’s Soho district in November 2019.

In January this year, Holyweed also sponsored the major cultural event ‘Art Geneve’, which is one of Europe’s most prominent art fairs.

The company also has plans to open a second Holyweed retail store in Zurich later this year.

Shares in MPX International are currently up 4.05 per cent to C$0.38, with a market cap of C$52.03 million.

More From The Market Herald

" Happy Belly (CSE:HBFG) to acquire Lettuce Love

Happy Belly Food Group Inc. (HBFG) has signed an acquisition agreement with Lettuce Love Café.

" Good Flour (CSE:GFCO) receives purchase order from Sprouts Farmers Market

The Good Flour (GFCO) announced that it has received its first purchase order from U.S.-based Sprouts Farmers Market.

" Nextleaf (CSE:OILS) launches new cannabis brand, High Plains

Nextleaf Solutions (OILS) has launched its new cannabis brand, High Plains.