Investment in Trichomia
Perth, Feb 14, 2019 AEST (ABN Newswire) - MMJ Group Holdings Limited (
ASX:MMJ) (2P9:FRA) (MMJJF:OTCMKTS) is pleased to announce that it has commit-ted to invest AUD1 million of ordinary equity for a 10% ownership interest in Trichomia Pty Limited ("Trichomia"), the owner of the "Hemple" and "Soul Seed" hemp foods brands. Settlement of MMJ's subscription is subject to Trichomia satisfying some conditions precedent regarding it's ownership structure. MMJ investment is expected to be settled by 8 April 2019.
Hemple is ranged in health food stores nationally including Healthy Life and Flannerys, while Soul Seed is ranged in selected Coles Supermarkets and IGA. Trichomia's investor presentation is attached.
MMJ's CEO Jason Conroy commented that "We are delighted to support Cade and Georgia in their quest to make Hemple and Soul Seed household names for health, nutrition and wellness products, initially in Australia and then globally. We have a shared vision for the future success of the business and look forward with great interest as they apply our capital to roll out their business plan."
Speaking about the investment, Georgia Branch commented "this investment allows us to expe-dite new product development and expand into new, international markets" and Cade Turland commented "We are delighted to have MMJ as a cornerstone shareholder and see great value in the financial and strategic capacity they bring to the table".
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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