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
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 its ~59% interest in TSX-V listed Harvest One Cannabis Inc (CVE:HVST) and its 100% interest in Israeli research and development subsidiary, PhytoTech Therapeutics Ltd, both of which are strategically located in favourable jurisdictions with supportive regulatory frameworks in place.
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