MMJ PhytoTech United Greeneries Receives Cannabis Seed Import Permit
11/28/2016 10:44:35 AM
Perth, Nov 28, 2016 - (ABN Newswire) - MMJ PhytoTech Limited (ASX:MMJ) ("MMJ" or "the Company") is pleased to advise that its Canadian subsidiary, United Greeneries Ltd ("UG"), has received an Import Permit from Health Canada ("HC") and the Canadian Food Inspection Agency ("CFIA"), allowing for the importation of 1kg of cannabis seeds. Importantly, this will enable UG to commence cultivation activities at the Duncan Facility in December.
- Import Permit enables United Greeneries to commence cultivation in December
- MMJ to provide Canadian consumers with access to one of the largest cannabis catalogues available via simultaneous cultivation of multiple strains
- MMJ focused on major expansion opportunity in Canadian medical and future recreational markets, estimated to grow to C$8b p.a. by 2024
The securing of an Import Permit is a significant milestone, as it positions UG as one of a select number of companies operating in the Canadian cannabis market with the capacity to import critical starter material required to grow commercial quantities of cannabis.
Due to international prohibitions on the transport and importation of Cannabis, the availability of legal starter materials has been extremely limited. MMJ's highly experience team has been able to identify a solution to solve this industry bottle neck, and as a result the Company will be able to provide Canadian consumers with a broad range of cannabis varieties that have not previously legally been available on the Canadian market.
UG will undertake the staged expansion of the Duncan Facility, with initial earmarked production of circa 7,500kg of cannabis by the end of 2018, following the facility's first full year of production. UG plans to then rapidly scale up the production capacity of the Duncan Facility to circa 60,000kg by 2022.
MMJ PhytoTech's Managing Director, Andreas Gedeon, commented:
"This is a significant achievement for the Company, as it is one of very few importation licenses to have ever been issued, paving the way for United Greeneries to import an unprecedented range of cannabis genetics into the Canadian market.
This permit ensures the Company is no longer dependent on purchasing limited genetics from other Licensed Producers, and limits the risk of introducing foreign pests and diseases, which can significantly disrupt operational performance.
Importantly, United Greeneries will be able to supply the Canadian market with a variety of cannabis strains that cover the entire spectrum of cannabinoid profiles, including most tastes and flavours the plant has to offer. We believe this will give us a significant marketing advantage when it comes to catering to specific client demands, as we look to position as a first mover in the Canadian recreational market.
United Greeneries is expected to have the material in its possession within the next two weeks and commence growing operations at the Duncan facility in December, with a view to increasing production in Q1 2017.
The Board looks forward to providing shareholders with further updates on the commencement of cultivation at Duncan, and on the Company's TSX-V listing in due course."
WEB: United Greeneries Receives Cannabis Seed Import Permit
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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