Perth, July 2, 2015 - (ABN Newswire) - PhytoTech Medical Limited (ASX:PYL) (“PhytoTech” or the “Company”) is pleased to announce that the conditions precedent to the merger transaction with MMJ Bioscience Inc (“MMJ”) have been satisfied or waived and accordingly the transaction is now unconditional.
The Company and MMJ will release a more fulsome announcement upon settlement of the merger within the coming days.
About MMJ Bioscience Inc.
MMJ is a Canadian-based, global, vertically-integrated, cannabis-focused bioscience company specialising in supply chain optimisation and product development for the emerging global cannabis market. Its Canadian subsidiary, United Greeneries, is currently in the final stage of applying for a federal license under the Marihuana for Medical Purposes Regulations (“MMPR”). An integral part of MMJ’s strategy is to approach medicinal cannabis in a multi-tiered fashion, with a global perspective and a strategy that positions the company in key segments of the legal cannabis supply chain.
MMJ aims to continuously incorporate higher value verticals into the Company’s product and service offerings in a disciplined and incremental fashion. United Greeneries will provide a robust cannabis and cannabinoid production capacity, enabling our group to actualise the medical potentials of Cannabis.
Satipharm is MMJ’s European pharma-initiative focused on the research, development and distribution of cannabis-based pharmaceutical, nutraceutical and cosmetic products. Satipharm’s goal is to be the leader in this space by capitalising on its first-mover opportunities. To date, Satipharm has been able to create a platform by closing the loop from ‘Farm to Pharma’. The European base allows Satipharm to take advantage of favourable narcotics laws in different countries and provinces within the European Union (‘Jurisdictional Synergies’). MMJ has established a number of key international partnerships placing us well ahead of the curve when it comes to developing and distributing cannabis and cannabinoid-based pharmaceutical, nutraceutical and wellness products.
About: PhytoTech Medical Limited
PhytoTech Medical (ASX:PYL) is a medical cannabis company, which aims to commercialize Medical Grade Cannabis (MGC) and high potential cannabis based therapeutics products to the rapidly growing international market with regulated medical cannabis legislation. With research facilities located in Israel, a global leader in medical cannabis research, the Company is strategically positioned to become a key player in the global MGC market.
The Company is focused on the research, development and commercialization of products for administering MGC, and on new treatments utilizing MGC therapeutic components for various medical conditions. In addition, the Company aims to grow proprietary strains of MGC in California, Uruguay and other jurisdictions.
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