- MMJ achieves significant step towards supplying Australian medicinal cannabis market following its partner's receipt of medicinal cannabis import licence
- MMJ's Swiss subsidiary, Satipharm AG, targeting near-term supply of cannabidiol (CBD) capsules to Australian pharmacies through strategic partnership with HL Pharma Pty Ltd
- Satipharm is positioned to seek approval to supply its Gelpell CBD capsules as one of the first medicinal cannabis products available on the Australian market
This is a significant development for MMJ as it enables the Company to target direct supply to Australian pharmacies through its strategic partnership with Melbourne-based HL Pharma. With its extensive Australian distribution networks, HL Pharma provides the requisite framework to facilitate the importation of Satipharm AG's ("Satipharm") CBD capsules to approved customers.
Satipharm's Gelpell CBD capsules have successfully undergone a Phase 1 Clinical Trial for safety and bioavailability and are produced in Switzerland. The capsules will be available in a 10mg and a 50mg cannabidiol (CBD) presentation and contain no detectable levels of tetrahydrocannbinol (THC). However, Satipharm's prodution and manufacturing partners in Switzerland have recently received narcotic handling permits that will allow for the formulation of Gelpell capsules that include THC. Satipharm intends to make Gelpell capsules with THC and THC/CBD formulations available to the Australian market once the necessary regulatory approvals have been obtained.
Importantly, Satipharm's CBD capsules are set to become one of the first medicinal cannabis products available to approved customers in Australia, furthering the Company's position as a First Mover in the market. Satipharm has the necessary inventory to immediately commence the importation of its CBD capsules into Australia, where the capsules will be stored by HL Pharma in a secure warehouse facility pending approval to supply.
MMJ PhytoTech's Managing Director, Andreas Gedeon, commented:
"HL Pharma's medicinal cannabis import licence is a significant catalyst for MMJ to obtain the necessary approvals for our CBD capsules to be one of the first medicinal cannabis products available on the Australian market.
MMJ remains very supportive of the Australian Government's decision to facilitate faster access to approved medicinal cannabis products and the Company is robustly positioned to become a leading player in this evolving landscape.
MMJ looks forward to providing shareholders with further updates on our Australian sales and distribution strategy in coming weeks, in what is a very transformational period for the business."
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.