Investment in MediPharm Labs Inc
Perth, July 2, 2018 AEST (ABN Newswire) - MMJ PhytoTech Limited (
ASX:MMJ) ("MMJ") has invested CAD$5 million for a 6.9% basic shareholding in privately-held MediPharm Labs Inc ("MediPharm") as part of their CAD$22.3 million funding round.
Description of MediPharm
Based in Barrie ON, Canada, MediPharm:
- owns Canada's largest medical cannabis oil production facility that will support 100,000kg of annual dry cannabis processing
- is a Access to Cannabis for Medical Purposes Regulations (ACMPR) Licensed Producer for the production of cannabis oil and expects to receive a Sales Licence later this year
- uses innovative extraction technologies that create superior products designed for specific patient solutions
- has manufacturing and distribution partnerships with proven patented formulators
- is strongly positioned to capitalise on Canadian medical cannabis oil market sales growth, both for domestic patients and for export
- owns a majority share in MediPharm Labs Australia, based in Wonthaggi Victoria, whose cannabis manufacturing license application has been lodged
For further details please visit medipharmlabs.com
MMJ CEO comments
MMJ's CEO Jason Conroy commented that "As Canada's largest medical cannabis oil production facility and with a strategic presence in Australia, MediPharm is strongly positioned to capitalise on growth opportunities both in Canada and overseas."
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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