Perth, April 26, 2017 AEST (ABN Newswire) - MMJ PhytoTech Limited (ASX:MMJ) ("MMJ" or "the Company") is pleased to advise that Harvest One Capital Inc. (CVE:WON.H) ("Harvest One") has received conditional approval from the TSX Venture Exchange ("TSX-V") for the acquisition of MMJ's wholly-owned subsidiaries United Greeneries Holdings Ltd ("United Greeneries") and Satipharm AG ("Satipharm").

- Harvest One Capital Inc. (CVE:WON.H) approved as Tier 1 Life Science Issuer - with shares expected to resume trading on TSX-V on 28 April 2017

- TSX-V listing approval is the final escrow requirement for release of CAD$25M from Harvest One financing

The resulting issuer, Harvest One Cannabis Inc. ("Harvest One Cannabis") (TSX-V:HVST), has been approved as a Tier 1 Life Science Issuer, with HVST Common Shares expected to resume trading on or about 28 April 2017.

The Company is also pleased to announce that an Amended Filing Statement dated as of April 19, 2017 filed in connection with the Acquisition has been posted on SEDAR and may be viewed under the Harvest One's profile at www.sedar.com in accordance with Section 12.4(i) of Exchange Policy 2.4.

Importantly, TSX-V listing approval satisfies the final escrow requirement for the release of the CAD$25 million secured under the recent Harvest One capital raising (see ASX release dated 23 February 2017). As previously advised, upon listing Andreas Gedeon will assume the role of Managing Director of Harvest One Cannabis.

MMJ will have a 60% ownership in Harvest One Cannabis - a fully-financed company with two strategic cannabis brands operating in one of the fastest growing cannabis markets globally.

A key near-term focus for Harvest One Cannabis is the rapid scaling up of production at the Company's flagship Duncan Facility in Canada, as it will enable the business to establish a first-mover advantage in the soon to be legalised Canadian recreational market.

MMJ PhytoTech's Managing Director, Andreas Gedeon, commented:

"Admission to list on the TSX-V is a significant milestone for the business, as it will provide our shareholders with a direct exposure to one of the pre-eminent cannabis investment markets globally.

We intend to capitalise on the strong support we have received to date from the Canadian investment community, and with a number of key near-term operational catalysts on the horizon, management expects the business to further solidify its position as one of the main players in the rapidly growing Canadian cannabis market."


About MMJ PhytoTech Ltd

Phytotech Medical ASX:PYL

In October 2017, MMJ PhytoTech Limited (ASX:MMJ) announced its strategy to become an incubator for strategic investments across regulated jurisdictions globally covering the entire cannabis value chain.

Following the successful listing of United Greeneries Holdings Ltd ("United Greeneries") and Satipharm AG ("Satipharm") on the TSX-V through Harvest One Cannabis Inc. (CVE:HVST), MMJ has focused on the identification of a number of independent strategic investment opportunities that have the potential to deliver significant value to the Company's shareholders.

MMJ is actively pursuing early stage opportunities with the ability to deliver significant future revenue and the opportunity to provide dramatic global synergistic value as regulatory frameworks in key international markets continue to evolve. MMJ is targeting the full range of emerging cannabis-related sectors including healthcare products, technology, infrastructure, logistics, processing, cultivation, equipment, R&D, hemp food products and retail.

MMJ currently holds an equity stake of 53,333,333 shares in Harvest One, 100% ownership of Israeli-based R&D division PhytoTech Therapeutics Limited ("PTL") and strategic holdings in e-Sense Lab Limited (ASX:ESE) and private Canadian-based company WeedMe Inc.

      


Contact

Andreas Gedeon
Managing Director
Phone: +1-250-713-6302
Email: agedeon@mmj.ca
www.mmjphytotech.com.au



Related Companies

MMJ PhytoTech Ltd   

ABN Newswire This Page Viewed:  (Last 7 Days: 4) (Last 30 Days: 50) (Since Published: 4401) 
ANALYTICS: LOGIN HERE

MMJ PhytoTech Ltd NEWS: RECENT VISITS (16417)

Research Report

Social Media