During the financial half-year the principal continuing activities of the consolidated entity consisted of:
- Commencement of cannabis cultivation at the Company's MMPR licensed Duncan Facility in Canada;
- Production and distribution of cannabinoid-based food supplements throughout Europe; and
- Ongoing research and development of delivery technologies for the effective administration of cannabinoids.
Review of operations
The Company is pleased to provide the following summary of the key operational milestones achieved by the Group, in what was a transformational period for MMJ PhytoTech Limited ("MMJ" or "the Company"). Highlights for the six-month period ended 31 December 2016 include:
- Commencement of cannabis cultivation at the Group's world-class Duncan Facility, with first cannabis harvest expected in Q1 2017;
- A superior acquisition proposal received from Harvest One Capital Inc. (
- Harvest One proposal includes total consideration for UG and Satipharm assets of C$42 million in comparison to C$40 million outlined in the prior proposal;
- Post period end, Harvest One completed a C$25 million equity raising to finalise the acquisition of UG and Satipharm;
- Entered into a strategic option agreement to lease a 13-acre land package located directly adjacent to its existing Duncan Facility;
- Phase 2 Clinical Trial of PTL101 capsules to measure efficacy for reducing seizures in children with refractory epilepsy underway; and
- Post period end, a binding Letter of Intent entered with HL Pharma Pty Ltd ("HL Pharma") for the importation and distribution of MMJ's medicinal cannabis products in Australia.
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About MMJ PhytoTech Ltd
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:HVT), 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.