11/28/2016 10:35:13 AM
Perth, Nov 28, 2016 - (ABN Newswire) - MMJ PhytoTech Ltd (ASX:MMJ) is pleased to provide the company's AGM Presentation with the topic "Developing a World-Class Pure Play Cannabis Company".
Year In Review - Execution of Key Milestones
- MMJ is the first ASX-listed company to become a Licensed Producer under Marihuana for Medical Purposes Regulations
- framework now known as Access to Cannabis for Medical Purposes Regulations ("ACMPR")
- Execution of a binding term sheet with Canadian-based Harvest One Capital Corp. ("Harvest One") (CVE:WON) for the sale to Harvest One of 100% of the issued shares of UG and Satipharm
- Import Permit received enabling importation of 1kg of cannabis seeds, which paves the way for commencement of cultivation at Duncan Facility in December 2016
- United Greeneries executed a binding letter of intent ("LOI") with Cowichan Tribes in respect to the leasing of a 13-acre strategic land package ("Expansion Land") located immediately adjacent to the Company's existing Duncan Facility
- Positioned company for entry into evolving Australian market with signing of strategic partnerships with Australian dispensary, Fresh Therapeutics Compounding Pharmacy, and Epilepsy Action Australia
- Strengthening of pharmaceutical experience with appointment of Stanislav Sologubov as CEO of Satipham AG and Catherine Harvey as Chief Operating Officer of MMJ
- Israel subsidiary, PhytoTech Therapeutics (PTL), successfully completed Phase 1 Clinical Trial highlighting the safety and performance of Gelpell-CBD capsules
- PTL Phase 2 Clinical Trial into treatment of pediatric epilepsy to commence imminently
TSX- V Transaction Summary
MMJ shareholders will have significant exposure to two of the largest commercial opportunities in the global cannabis sector.
- MMJ PhytoTech ('MMJ' or the 'Company') to list Canadian subsidiary United Greeneries ('UG') together with Swiss subsidiary Satipharm ('SAT') on the TSX Venture Exchange ('TSX-V') (the "Transaction").
- MMJ has executed a binding term sheet with Canadian-based Harvest One Capital Corp. ("Harvest One") (CVE:WON) for the sale to Harvest One of 100% of the issued shares of UG and Satipharm
- Harvest One proposal includes total consideration for UG assets of C$42M - $40M equity (53.3M shares @ $0.75/share) and $2M cash
- Pro Forma ownership of TSX listed entity approx. 70%
- The proposed TSX-V listing is designed to allow for greater direct market value comparisons between MMJ's world-class cannabis assets and existing TSX-V listed cannabis producers
- Robust appetite for cannabis-focused equities - circa C$200M raised by MMJ's Canadian peers since March 2016
- MMJ expects the transaction to be finalised and the resulting issuer to be traded on the TSX-V in Q1 2017
The Year Ahead - 2017
- MMJ views the emerging Canadian recreational market as a significant near-term growth catalyst and as such is committed to capturing a strategic first-mover advantage as market is legalized in 2017
- Finalization of TSX-V RTO transaction and subsequent roll out of Canadian marketing strategy
- Commencement of cannabis cultivation in December 2016 with a view to rolling out aggressive expansion plan throughout 2017
- Duncan Facility cultivation to include simultaneous growing of multiple unique cannabis strains that previously have not been available to Canadian consumers
- Drive revenue and sales growth of the Company's exclusive Gelpell Capsules throughout key regulated markets in Europe
- Remains committed to successful execution of Phase 2 Clinical Trial in Israel
To view the presentation, please visit:
WEB: AGM Presentation
About: MMJ PhytoTech Ltd
MMJ PhytoTech Limited (ASX:MMJ) is a Medical Cannabis company, which aims to commercialise Medical Grade Cannabis (MGC) and high potential cannabis based therapeutics products to the rapidly growing international market with regulated medical cannabis laws. The Company operates three subsidiaries with operations across the entire Medical Cannabis value chain, encompassing the Company's "Farm to Pharma" strategy.
It's United Greeneries subsidiary has growing facilities in Canada and is fully integrated with Agrichem Analytical, its quality control and testing laboratory. Satipharm has a number of key international distribution partnerships for the distribution of cannabinoid-based pharmaceutical, nutraceutical and wellness products.
Through its PhytoTech Therapeutics subsidiary in Israel the Company has an exclusive research and licensing agreement with Yissum, the prestigious Research Development and technology transfer Company of Hebrew University in Jerusalem, Israel, a global leader in medical cannabis research.
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