Marijuana production company Canveda Inc. sold to MPX Bioceutical Corp.

Community Futures Peterborough first brought Canveda Inc. on as a client in March of 2014.

The privately-held company out of Toronto began the process of applying for a license for medical marijuana production about five years ago. The federal government granted them a cultivation license in June 2017 under the Access to Cannabis for Medical Purposes Regulations. Seeds were put into the ground early this year.

“We are happy to be in Peterborough,” says CEO Les Hansen. “We are looking forward to being part of the community while providing some economic growth and some jobs to the community.”

Canveda fully built-out a 12,000 square foot facility, located in Peterborough, Ontario, that is capable of producing 1,000-1,200 kilograms of high-quality cannabis flower annually. The facility located in a Peterborough industrial park hired between 30 to 50 people. Jobs will include operations management to technical gardening and general labour positions.

Hansen says the company is used all local contractors to prepare the facility for production. “We are very proud to say we’ve already poured millions of dollars into Peterborough economy,” he says.

In June 2018, MPX Bioceutical Corporation announced that it has successfully completed the acquisition of 100% of the issued and outstanding shares of Canveda. This enabled CEO Les Hansen to fully pay out his loan to Community Futures Peterborough.

“Please share my thanks with your team. As I mentioned yesterday, your guys lent us money when no one else would. You were critical in the success of our business plan. We will always be grateful,” says Hansen.