Australian Legal Opinion
Sydney, Jan 20, 2015 AEST (ABN Newswire) - Phytotech Medical Limited (
ASX:PYL) ("Phytotech") is an incorporated company with a registered office in Western Australia and seeks to be listed on the Australian Stock Exchange ("the ASX").
Phytotech's prospectus dated 20 November 2014 reveals that it proposes to be a leader in the business of medical cannabis delivery systems focusing on the commercialisation of cannabis delivery systems in the markets of USA, Canada, Israel and Europe (all markets which presently have regulated medical cannabis laws). Phytotech states that its longer term aim is to target other markets (including Australia) that are not presently regulated. Relevantly, it is apparent that Phytotech:
1. owns (patent pending) technology for a single use, specific dose vapour-cap for the delivery of smokeless cannabis to patients; and
2. proposes the development and commercialisation of various licensed delivery methods (including inner cheek patches, nasal spray, transdermal patches and oral delivery systems) with the potential to be used to administer medical cannabis.
Phytotech proposes, in the short term, that its operations will be conducted in Israel through a UK-based subsidiary company, which in turn owns an Israeli subsidiary company.
In an advice dated on or around 16 January 2015 lawyers in Israel have advised Phytotech that the Israeli authorities have the power to authorise the kind of operation proposed by Phytotech. In Australia, it would be possible to receive similar authorisation under both Commonwealth and State legislation but that has not occurred in this case.
To view the full Australian Legal opinion, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PYL-706815.pdf
About MMJ Group Holdings Ltd
MMJ Group Holdings Ltd (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: https://www.mmjphytotech.com.au/investors/
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