MMJ PhytoTech Ltd (ASX:MMJ) is pleased to provide the following sales and operations update on its wholly-owned Switzerland-based subsidiary, Satipharm AG.
MMJ PhytoTech Ltd
MMJ PhytoTech Limited (ASX:MMJ) is focused on becoming a 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. The Company controls operations across the entire medicinal cannabis value chain through three business units, strategically located in favourable jurisdictions with supportive regulatory frameworks in place.
MMJ has signed a definitive agreement with Canadian-based Harvest One Capital Corp. (CVE:WON.H) for the sale to Harvest One of 100% of the issued shares of United Greeneries Holdings Ltd and Satipharm AG.
United Greeneries Holding Ltd. has established world-class growing facilities in Canada, including the fully licensed Duncan Facility. MMJ is the first Australian-based company to receive a Canadian medicinal cannabis cultivation licence, and one of only a few companies globally with the capacity to commercially cultivate medicinal grade cannabis in a federally regulated environment.
The Company’s Swiss-based, medicinal products division operates under its 100% owned subsidiary, Satipharm AG, and is currently focused on developing regulatory compliant, unique oral delivery technologies that have the potential to deliver safe, effective and measured doses of medicinal cannabis to patients. MMJ began production of its first capsule product in May 2015, and is committed to providing novel treatment options throughout regulated markets globally.
PhytoTech Therapeutics Ltd is MMJ's Israel-based subsidiary responsible for the clinical research and development activities. In March 2016, PhytoTech Therapeutics completed a phase 1 clinical study which highlighted the safety and performance of Satipharm's capsule formulations in delivering CBD compounds to trial subjects.
MMJ PhytoTech Ltd (ASX:MMJ) Significantly Expands Duncon Facility Production Capacity with Land Lease Agreement
MMJ PhytoTech Limited (ASX:MMJ) is pleased to advise that its wholly-owned subsidiary United Greeneries Holdings Ltd has executed an agreement with Cowichan Tribes in respect to the leasing of a 13-acre land package located adjacent to the Company's existing Duncan Facility.
The directors present their report, together with the financial statements, on the consolidated entity consisting of MMJ PhytoTech Limited (ASX:MMJ) and the entities it controlled at the end of, or during, the half-year ended 31 December 2016.
MMJ PhytoTech Ltd (ASX:MMJ) Takes Significant Step Towards First Australian Sales Following Submission of Import Licence Application
MMJ PhytoTech Ltd (ASX:MMJ) is pleased to advise that the Company's Australian distribution partner, HL Pharma Pty Ltd. has submitted its application for a medicinal cannabis import licence to the Department of Health.
MMJ PhytoTech Limited (ASX:MMJ) is pleased to advise that Canadian-based Harvest One Capital Corp. (CVE:WON.H) has closed the previously reported (January 27, 2017) private placement, raising C$25,000,500 before costs. Pursuant to the Placement, Harvest One issued 33,334,000 Subscription Receipts at a price of C$0.75.
MMJ PhytoTech Ltd (ASX:MMJ) is pleased to advise that it has entered into a binding Letter of Intent with HL Pharma Pty Ltd. for the importation and distribution of the Company's medicinal cannabis products in Australia.
MMJ PhytoTech Ltd (ASX:MMJ) is pleased to advise that its wholly-owned, Israeli-based subsidiary PhytoTech Therapeutics Limited ("PTL"), has commenced following Health Authorities' approval, the Phase 2 clinical study into the safety and efficacy of its PTL101 capsules in treating refractory epilepsy in children.
MMJ PhytoTech Ltd (ASX:MMJ) is pleased to provide its quarterly activities report for the period ended 31 December 2016.
MMJ PhytoTech (ASX:MMJ) is pleased to advise that Canadian-based Harvest One Capital Corp. (CVE:WON.H) has increased its private placement to C$22 million, plus an over-allotment option of up to an additional C$3 million. Under the increased offering, Harvest One may issue up to 33,333,333 subscription receipts at a price of $0.75 per Subscription Receipt.
MMJ PhytoTech Limited (ASX:MMJ) is pleased to advise that Canadian-based Harvest One Capital Corp. (CVE:WON.H) has launched a C$15 million private placement to finalise the acquisition of the Company's cannabis subsidiaries United Greeneries Holdings Ltd and Satipharm AG respectively.