Perth, May 9, 2017 - (ABN Newswire) - MMJ PhytoTech Limited (ASX:MMJ) (“MMJ” or “the Company”) is pleased to advise that the Company’s Australian distribution partner, Melbourne-based HL Pharma Pty Ltd. (“HL Pharma”), has successfully imported its first shipment of medicinal products from the Company’s Swiss-subsidiary, Satipharm AG, (“Satipharm”).
- HL Pharma Pty Ltd successfully imports first shipment of Satipharm’s Gelpell CBD capsules into Australia under new Government legislation
- Importation includes two strengths of Gelpell CBD capsules to be stored at secure HL Pharma facility prior to Australia-wide distribution in compliance with Federal and State legislation
- Gelpell CBD capsules are one of the first medicinal cannabis products available to approved prescribers in Australia
The imported products include two strengths of cannabidiol capsules, which are able to be used in the treatment of a variety of medical conditions as approved by prescribing physicians under Australian Federal and State legislation.
Satipharm’s Gelpell CBD capsules are one of the first medicinal cannabis products available to approved prescribers in Australia, further strengthening MMJ’s position as a first-mover in the evolving Australian market.
The successful importation of Satipharm capsules into Australia follows HL Pharma’s receipt of a medicinal cannabis Import Licence in March 2017.
Satipharm Gelpell CBD Capsules - Product Overview
Satipharm’s Gelpell CBD capsules have successfully undergone a Phase 1 Clinical Trial for safety and bioavailability and are produced under Good Manufacturing Practices (GMP) protocols in Switzerland. The capsules’ active ingredient, cannabidiol, is derived from medical cannabis grown under Good Agricultural and Collection Practices (GACP) in controlled environments. The capsules will be available in a 10mg and a 50mg CBD presentation and contain no detectable levels of Tetrahydrocannabinol (THC).
MMJ PhytoTech’s Managing Director, Andreas Gedeon, commented:
“We are very pleased to have completed this initial shipment with HL Pharma, as it solidifies our position as one of the first providers of world-class medicinal cannabis products to Australian prescribers.
The Company views the evolving Australian market as a significant near-term growth opportunity, and we are fully supportive of the Australian Government’s decision to facilitate easier access to medicinal cannabis products for all approved prescribers.
With an expanding European distribution network and increasing product sales, Satipharm is well positioned to become a leader in the global supply of medicinal cannabis products, and the Company looks forward to providing shareholders with further updates on growth in this area of the business in the near-term.”
About: MMJ PhytoTech Ltd
MMJ PhytoTech Limited (ASX:MMJ) is focused on becoming a large-scale cannabis producer, targeting direct supply to the growing Canadian medical and recreational markets which will have an estimated combined value of C$8-9 billion by 2024.
The Company controls operations across the entire medicinal cannabis value chain through its ~60% interest in TSX-V listed Harvest One Cannabis Inc (CVE:HVST) and its 100% interest in Israeli research and development subsidiary, PhytoTech Therapeutics Ltd, both of which are strategically located in favourable jurisdictions with supportive regulatory frameworks in place.
