Portfolio Divestments
Perth, May 23, 2018 AEST (ABN Newswire) - MMJ PhytoTech Limited (
ASX:MMJ) ("MMJ") announces that it has sold all of its:
- common shares and warrants in Cannabis Wheaton Income Corp (CVE:CBW) for CAD$5.6 million (net of brokerage), realising a 2.2x multiple on invested capital ("MOIC") from MMJ's original investment in Dosecann Inc; and
- ordinary shares in e-Sense Lab Limited (ASX:ESE) ("ESE") for AUD$0.2m (net of brokerage), realising a 0.8x MOIC for a small cash loss after accounting for the payment recently made by ESE to MMJ as consideration for unapproved share options.
Jason Conroy, CEO of MMJ, said "These divestments are in line with our strategy to recycle capital to provide cash for further investments by MMJ in the global cannabis sector. As a result, MMJ's current unaudited corporate cash position will increase to approximately AUD$8.1 million."
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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