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MMJ Phytotech invests into major Canadian medical cannabis company

The C$5 million investment gives MMJ a 6.9% interest in MediPharm Labs Inc.

Cannabis growing facility
MMJ has a diversified portfolio of cannabis sector investments

MMJ PhytoTech Ltd (ASX:MMJ) has invested C$5 million for a 6.9% basic shareholding in MediPharm Labs Inc, which owns Canada’s largest medical cannabis oil production facility.

MMJ is a global cannabis investment company with a diversified portfolio of cannabis sector investments.

READ: MMJ PhytoTech invests into global cannabis lifestyle brand

It has made a number of recent investments with Ontario-based MediPharm Labs representing the ninth.

As well as the production facility supporting 100,000 kilograms of annual dry cannabis processing, MediPharm owns a majority share in MediPharm Labs Australia.

Australian operation

This operation, which is based in Wonthaggi, Victoria, has lodged a cannabis manufacturing licence application.

MMJ’s CEO Jason Conroy said: “As Canada’s largest medical cannabis oil production facility and with a strategic presence in Australia, MediPharm is strongly positioned to capitalise on growth opportunities in Canada and overseas.”

ACMPR licensed producer

MediPharm is an Access to Cannabis for Medical Purposes Regulations (ACMPR) licensed producer for the production of cannabis oil and expects to receive a sales licence later this year.

It uses innovative extraction technologies that create products designed for specific patient solutions and has manufacturing and distribution partnerships with proven patented formulators.

MediPharm is strongly positioned to capitalise on Canadian medical cannabis oil market sales growth, both for domestic patients and for export.

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ASX:MMJ
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