MMJ is pleased to provide its quarterly activities report for the period ended 30 September 2017, together with its Appendix 4C.
Perth, Nov 1, 2017 - (ABN Newswire) - MMJ PhytoTech Limited (ASX:MMJ) (“MMJ” or “the Company”) is pleased to provide its quarterly activities report for the period ended 30 September 2017, together with its Appendix 4C. Quarterly Overview: Harvest One Cannabis Inc. (MMJ 59%): - United Greeneries prepares importation of Satipharm capsules into Canada - United Greeneries receives ACMPR sales and distribution amendment from Health Canada to sell dried marijuana to registered patients - Satipharm obtains Free Sale Certificate from German regulators facilitating sale of CBD capsules in additional European jurisdictions - Satipharm strengthens its distribution footprint across Europe - Final regulatory approval granted for the distribution of prescription Satipharm CBD capsules into Australia Corporate Activity: - MMJ announces plans to expand its market position through further strategic investments within the global cannabis sector - Managing Director delivers presentation to prestigious European biotech conference - Haywood Securities and Banyantree issue research reports Appendix 4C: - Strong consolidated Group cash position at 30 September 2017 of approximately $21.5 million (Parent only: approximately $8.6 million) MMJ Strategy Expansion Post quarter end, MMJ advised it would be expanding its market position through further strategic investments within the global cannabis sector, with plans including a proposed name change to “MMJ Capital Limited”. Following the successful listing of United Greeneries Holdings Ltd (“United Greeneries”) and Satipharm AG (“Satipharm”) on the TSX-V through (“Harvest One”) (CVE:HVST), the Board of MMJ identified a number of independent strategic investment opportunities that have the potential to deliver significant value to the Company’s shareholders. The new strategy will leverage MMJ’s robust cash position enabling the Company to act quickly and decisively when new investment opportunities arise. MMJ will target exposure to a range of global opportunities spanning the entire cannabis value chain in favourable jurisdictions. MMJ will retain its 59% equity stake in Harvest One and 100% ownership of Israeli-based research and development company PhytoTech Therapeutics Limited (“PTL”). The Company also intends to recruit one or more industry or investment banking professionals to sit on a soon-to-be formed Investment Committee. Harvest One Cannabis Inc. (CVE:HVST) TSX-V-listed Harvest One continued to deliver solid operational progress during the September quarter, with significant developments achieved across its key operating divisions United Greeneries and Satipharm respectively. United Greeneries Operational Update United Greeneries is a Canadian Licensed Producer (“LP”) focused on large-scale horticultural operations through its owned and operated Duncan growing facility. To view the full report, please visit: 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 ~59% 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.
Contact: Andreas Gedeon Managing Director Phone: +1-250-713-6302 Email: agedeon@mmj.ca www.mmjphytotech.com.au Nov 1, 2017 Copyright (C) 2017 ABN Newswire. A division of ABN IR |
