MMJ PhytoTech Ltd (ASX:MMJ) has an active strategy in the medicinal cannabis sector which chief executive officer Jason Conroy will outline at the Proactive CEO Sessions in Sydney on Monday, October 22.
READ: MMJ PhytoTech applies for ASX re-quotation, Canadian cannabis investment enters distribution agreement
A re-quotation application has been made, which also incorporates a change of name to MMJ Group Holdings Limited.
MMJ’s investment in MediPharm amounts to C$5 million, comprising 5.88 million shares at 85 Canadian cents per share and 2.94 million warrants exercisable at C$1.20 a share by October 2020.
This agreement enables Emerald to provide pharmaceutical-grade cannabis concentrate products produced by MediPharm to its large base of registered patients as well as premium concentrates for adult-use recreational consumers.
MediPharm is focused on downstream secondary extraction methodology, distillation and cannabinoid isolation and purification.
The company operates of one the largest cannabis concentrate manufacturing facilities in Canada and is built current good manufacturing practices and ISO standards.
Divestment notice lodged
Today MMJ announced that it has lodged a notice with the TSX Venture Exchange stating its intention to divest up to 5 million of its 53.333 million shares held in Harvest One.
The notice is a Canadian regulatory requirement as MMJ’s shareholding of approximately 30% in Harvest One is more than the 20% ownership threshold.
On completion of the sale of PTL, MMJ’s shareholding in Harvest One will increase by the equivalent of C$6.86 million divided by the 10-day volume weighted average price of Harvest One shares preceding settlement of that sale.
Conroy said, “After being fully-invested since the end of July, and with a significant shareholding in Harvest One that will increase on completion of the PTL sale, it is prudent to be ready and able to trim our ownership stake so we can participate in other cannabis sector investment opportunities as they arise.”
Register for the CEO Session today to find out more.