Takes Significant Step Towards First Australian Sales Following Submission of Import Licence Application
Perth, Feb 28, 2017 AEST (ABN Newswire) - MMJ PhytoTech Limited (
ASX:MMJ) ("MMJ" or "the Company") is pleased to advise that the Company's Australian distribution partner, HL Pharma Pty Ltd. ("HL Pharma") has submitted its application for a medicinal cannabis import licence to the Department of Health.
- MMJ targeting early entry into evolving Australian medicinal cannabis market through importation of cannabidiol (CBD) capsules
- Extensive Australian distribution network in place via strategic partnership with Melbourne-based HL Pharma Pty Ltd
- MMJ's Swiss subsidiary, Satipharm AG, has inventory ready for immediate importation to Australia upon receipt of Import Licence and Permit
- MMJ fully supports Australian Government's recent decision to enable faster access to approved medicinal cannabis products
Upon receipt of the import licence and import permit, MMJ's wholly-owned Switzerland-based subsidiary, Satipharm AG ("Satipharm"), will immediately commence the importation of its CBD capsules to HL Pharma, where the capsules will be stored in a secure warehouse facility before being distributed to approved customers.
Following the signing of a binding agreement with HL Pharma (see ASX release dated 13 February 2017), MMJ now has in place the necessary framework for the importation and distribution of Satipharm's CBD capsules.
HL Pharma's application follows the recent decision by the Turnbull Government (release dated February 22 2017) to authorise the controlled importation of medicinal cannabis products by approved providers for domestic supply.
Importantly, this decision will enable faster access to approved medicinal cannabis products under the current legislative framework, fast-tracking MMJ's entry into the Australian market.
MMJ PhytoTech's Managing Director, Andreas Gedeon, commented:
"This is a significant development for MMJ as it represents a clear opportunity to position the business as a trusted supplier of high quality medicinal cannabis products in the Australian market.
As a leader in the global medicinal cannabis industry, MMJ has the expertise, infrastructure and inventory in place to facilitate a seamless entry into Australian market, and we look forward to growing this division of the business in the near-term.
The Company is highly supportive of the Australian Government's decision to provide faster access to approved medicinal cannabis products, and we will continue to consult with the Government as this legislative framework evolves."
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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