MMJ Phytotech Limited (ASX: MMJ) is a medical cannabis company, which aims to commercialise medical cannabis and high value cannabis-based therapeutics to the rapidly growing international market with regulated medical cannabis laws.
Perth-based MMJ PhytoTech Limited (ASX: MMJ) is focused on becoming a leading, large-scale cannabis producer, targeting direct supply to the growing Canadian medical and recreational markets which will have an estimated combined value of C$8-9 billion by 2024. MMJ holds one of only 41 licences issued by Health Canada, allowing for the production of medical cannabis. MMJ expects to be well positioned as a first mover in this emerging recreational market in the near-term.
MMJ controls operations across the entire medicinal cannabis value chain through three business units, strategically located in favourable jurisdictions with supportive regulatory frameworks in place.
In December 2016 MMJ signed a definitive agreement with Canadian-based Harvest One Capital Corp. (TSXV NEX: WON.H) for the sale to Harvest One of 100% of the issued shares of United Greeneries Holdings Ltd and Satipharm AG respectively.
MMJ and Harvest One have received significant support from the Canadian investment community to date, with a CAD$25 million placement (33,334,000 Subscription Receipts at a price of C$0.75) completed in February 2017. Funds received from the placement will be used to finalise the transaction with the resulting issuer Harvest One Cannabis expected to commence trading during Q2 2017.
In April 2017, Harvest One Capital Inc. announced it has received conditional approval of the TSX Venture Exchange for the acquisition from MMJ PhytoTech Limited (“MMJ“) of 100% of the issued and outstanding shares of United Greeneries Holdings Ltd. (“United Greeneries“) and Satipharm AG (“Satipharm“) from PhytoTechMedical (UK) Pty Ltd., a wholly owned subsidiary of MMJ.
Following finalisation of the transaction, MMJ shareholders will have a 60% ownership in Harvest One – a fully-financed company with two strategic cannabis brands – United Greeneries and Satipharm – operating in one of the fastest growing cannabis markets globally.