An Old Hand in a New Business
Photography _ Scott Cooper
The rush to invest in the cannabis industry in recent years was a no-brainer for many business entrepreneurs and Mark Krytiuk, President of Nabis Holdings Inc. was no exception. As regulations loosened, people jumped in looking for large profits and a huge ROI. But Krytiuk was already strategically pioneering his way through with some major experience under his belt. He had more than a dozen years in this complex sector, learning from field to table, so to speak, and working his way up as one of the prominent early players in the cannabis industry. He was involved in the design and construction of a variety of cannabis facilities, and worked with federal regulators and licensing bodies.
It took a major car accident for Mark to find his path in business. Left with 2 broken legs, and a 14 week stay in hospital, he wasn’t impressed with the feelings and side effects from his prescribed pain medication. That’s when he started looking for alternatives, and discovered medical cannabis. He was so impressed with the results, he steered away from his civil engineering background to focus on a career in the cannabis industry.
Mark was also one of the co-founders of MPX Bioceuticals which in 2019 sold its U.S. assets in a historical merger with iAnthus for $835M CAD. He and another co-founder, business partner Shay Shnet, decided to leave MPX and begin a new venture in the rapidly-growing U.S. cannabis market.
“The word Nabis means ”repeat performance” or “encore,” and because of our success within MPX we were ready to do it again in a second go around. We took to the U.S. market because we believe for us it is the best space globally for growth in the cannabis market.”
The vision for Nabis Holdings Inc. is to be a leading investor in the cannabis sector with a portfolio of vertically integrated operations across the United States. That translates to Nabis Holdings Inc leading the charge in growth from the construction of growing, manufacturing and retail facilities, to their own genetics and seeds, dried flowers, extractions, and oils on both the medical side of marijuana as well as the lifestyle around the use of the plant. It also means rapidly expanding across the country as state legalization changes, giving them first-mover advantage.
The company hopes to establish an “Anchor Investment Portfolio” of high-quality assets in a short period of time at the right price.
“The challenges in the U.S. cannabis industry include a maze of laws and requirements. Each state is learning the industry from a regulatory perspective and it is almost like dealing with 50 different countries in one. There is some overall consistency with some general bylaws country wide but every state branches off with their own detailed regulations and due diligence,” says Krytiuk.
One emerging opportunity that they are excited to see is the SAFE Banking Act. Currently, cannabis is largely cash-based due to the lack of access to banking services. With that, businesses face tremendous risk when it comes to the security and safety of handling and storing cash. Not to mention the logistical and operational hurdles of paying employees, other businesses, and taxes. It is a multi-billion-dollar industry and will only continue to gain popularity with more legalizations. Regulations are important to keep the industry cohesive and credible. The possibilities for immense growth in this sector are endless.
In terms of accomplishments, ìI am very proud of starting MPX Bioceutical. Originally a Canadian Bioceutical company, we began as four guys around a kitchen table. We applied for a Health Canada LP license and had funding out of the U.K. Time was not on our side so we looked at pivoting. We knew we had a good core management team and had access to capital, and key assets. We were the first company to deal off the venture exchange and go to CSC, becoming the first Canadian-owned multistate operator.
We acquired a multitude of licenses. Arizona, Nevada, Maryland and Massachusetts to name a few, we also had a contract deal in California, 4 dispensaries in Nevada, and one of the six available state licenses in New Jersey.
Nabis Holdings Inc. plans to continue to expand throughout the U.S. and globally. Their motto is “one team, one goal.” They take an aggressive approach to reach their goals, understanding that this initiative can’t be realized without a team of experts in their corner. Nabis Holdings Inc. has built a very strong team, from operations and manufacturing, to finance. An industry which is always evolving can have its own challenges especially with the different laws for each state. The “one team, one goal” motto pushes the company to be as productive as they are. Krytiuk says, “When we look to partner with consultants and other great companies it’s not a take over, we want to help companies who are like-minded and have successfully organized smart and enthusiastic people that all have similar ambitions in the industry.”
Nabis Holdings Inc. is building 8 dispensaries and a state of the art cultivation and GMP processing site in Michigan. In 2019, Nabis Holdings Inc. closed an acquisition of 49% of Israeli-based biotech company, Cannova Medical, and signed an agreement to acquire 100 percent ownership of Desert’s Finest, a 6,000 square foot dispensary in Desert Hot Springs, CA. The Desertís Finest acquisition is Nabis Holdings Inc. first acquisition in the state of California, and pushes Mark Krytiuk’s plan a little closer to reality.