Welcomes Australian Regulatory Shift on Medicinal Cannabis
Perth, Oct 13, 2015 AEST (ABN Newswire) - MMJ PhytoTech Limited (
ASX:MMJ) ("MMJ" or the "Company") is pleased to provide investors with an update on the progress at its Duncan facility in Canada.
Highlights:
- Duncan Facility ready to commence production and awaiting pre-licence inspection by Health Canada
- Following anticipated successful inspection, production expected to commence in the first quarter of 2016
- Management investigating opportunities within Australia in response to regulatory reform announcement by the Victorian Government
- Management team bolstered with the appointment of Mr. Gaelan Bloomfield as Manager of Marketing and PR, Australia to lead the Company's corporate and marketing activities
United Greeneries (a wholly owned subsidiary of MMJ) has completed the required upgrade to its growing facility located in Vancouver and now awaits final pre-licence inspection by Health Canada in line with MMPR licencing requirements. Health Canada's approval is a pre-requisite for production and supply of medicinal cannabis in the Canadian market.
Assuming a successful inspection, MMJ expects to be in a position to commence production in Canada in the first quarter of 2016 - a critical step towards the Company's "Farm to Pharma" strategy.
Encouraging Australian Regulatory Changes for Access to Medicinal Cannabis
The Management Team and Board of MMJ welcome the announcement by the Victorian Government to embark on a State-based cannabis cultivation trial.
The Victorian Government intends to introduce legislation before the end of 2015 to enable access to locally manufactured medicinal cannabis products for a limited number of patients to treat various serious medical conditions.
The Victorian Government's acceptance of the Victorian Law Reform Commission's review provides the Company with the opportunity to establish its operating presence in Australia and Management are currently investigating opportunities within the Australian market place.
Andreas Gedeon, CEO and Managing Director, MMJ PhytoTech stated:
"Our expertise and experience in the medical cannabis market positions us at the forefront of the embryonic industry in Australia. We're encouraged by the Victorian Government's move towards the legalisation of medical cannabis cultivation and as a viable method of treatment for a number of serious conditions including cancer, multiple sclerosis, HIV/AIDS, epilepsy and chronic pain.
"Through our investigations into the opportunity in the market we hope to one day become one of the leading providers of safe and secure medical cannabis in the state of Victoria, Australia."
Appointment of Mr. Gaelan Bloomfield as Marketing Manager & PR, Australia
The Management and Board are pleased to announce the appointment of Gaelan Bloomfield as Manager of Marketing and PR in Australia. Mr Bloomfield's appointment is the first step in an updated strategy to encourage sustainable growth with a focus on corporate maturity.
Mr Bloomfield has gained significant experience through his career supporting both established and emerging companies working in Investment Banking and Management Consulting. He has provided hands on strategic support to some of Australia's largest organisations and has worked in London, Singapore, Australia and the Philippines.
Andreas Gedeon, CEO & Managing Director, MMJ PhytoTech commented:
"I would also like to welcome Mr Bloomfield to the Company. His corporate and consulting expertise will provide us with the direction and necessary advice in the Australian market and is key to supporting our corporate strategy."
To follow Andreas Gedeon on Twitter: @AndreasGedeon
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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