This is a significant development milestone and allows Weed Me to move to apply for a sales licence under the ACMPR ahead of the federal legalisation of recreational cannabis expected in Canada later this year.
When the sales licence is obtained, MMJ will take a significant minority ordinary equity stake in Weed Me through its CAD$2m convertible note.
MMJ's CEO Jason Conroy said: "We are pleased that Weed Me is delivering on our investment case as it moves toward the goal of becoming a significant Canadian cannabis market participant."
To view the media release, please visit:
About MMJ Group Holdings Ltd
MMJ Group Holdings Ltd (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: http://www.mmjphytotech.com.au/investors/
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