Half-year Financial Report for Period Ended 31 December 2016
Perth, Mar 1, 2017 AEST (ABN Newswire) - The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of MMJ PhytoTech Limited (referred to hereafter as the 'company' or 'parent entity') (
ASX:MMJ) and the entities it controlled at the end of, or during, the half-year ended 31 December 2016.
Principal activities
During the financial half-year the principal continuing activities of the consolidated entity consisted of:
- Commencement of cannabis cultivation at the Company's MMPR licensed Duncan Facility in Canada;
- Production and distribution of cannabinoid-based food supplements throughout Europe; and
- Ongoing research and development of delivery technologies for the effective administration of cannabinoids.
Review of operations
The Company is pleased to provide the following summary of the key operational milestones achieved by the Group, in what was a transformational period for MMJ PhytoTech Limited ("MMJ" or "the Company"). Highlights for the six-month period ended 31 December 2016 include:
- Commencement of cannabis cultivation at the Group's world-class Duncan Facility, with first cannabis harvest expected in Q1 2017;
- A superior acquisition proposal received from Harvest One Capital Inc. (CVE:WON.H) ("Harvest One") to acquire United Greeneries Holdings Ltd ("UG") and Satipharm AG ("Satipharm");
- Harvest One proposal includes total consideration for UG and Satipharm assets of C$42 million in comparison to C$40 million outlined in the prior proposal;
- Post period end, Harvest One completed a C$25 million equity raising to finalise the acquisition of UG and Satipharm;
- Entered into a strategic option agreement to lease a 13-acre land package located directly adjacent to its existing Duncan Facility;
- Phase 2 Clinical Trial of PTL101 capsules to measure efficacy for reducing seizures in children with refractory epilepsy underway; and
- Post period end, a binding Letter of Intent entered with HL Pharma Pty Ltd ("HL Pharma") for the importation and distribution of MMJ's medicinal cannabis products in Australia.
To view the full report, please visit:
http://abnnewswire.net/lnk/PKC48WFU
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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