Quarterly Update and Appendix 4C
Perth, Nov 1, 2017 AEST (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:
http://abnnewswire.net/lnk/UN5B7R7L
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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