For the first time ever two publicly traded cannabis companies have entered into a merger agreement. MPX will split off their US branch under the umbrella of iAnthus, and shareholders of MPX will get 1 share of iAnthus for about ever 5.92 shares of MPX, or a 0.1687 ratio I believe. MPX will also create a new public corporation MPX International for their Canadian and international business. MPX Shareholders will become shareholders of MPX International.
I was already a shareholder of MPX but on this news, I bought more, even after the price went up. This is a big merger, and a lot of shareholder value could be created out of it for an under valued company. I may even buy more if the price dips before the merger.
Cannabis stocks did well overall today with legalization having just happened. It sounds like it was a big success with a lot of sell outs in shops. I think it tends to always be like this in the beginning. However as the rush dies out, they'll meet the demand, and eventually, oversupply, and drive prices down. I believe that will ultimately be the long term trend, and I can't wait!