MMJ PhytoTech Limited (ASX:MMJ) (“MMJ” or “the Company”) is pleased to advise that Harvest One Capital Inc. (TSXV:WON.H) (“Harvest One”) has received conditional approval from the TSX Venture Exchange (“TSX-V”) for the acquisition of MMJ’s wholly-owned subsidiaries United Greeneries Holdings Ltd (“United Greeneries”) and Satipharm AG (“Satipharm”).
- Harvest One Capital Inc. (CVE:WON.H) approved as Tier 1 Life Science Issuer – with shares expected to resume trading on TSX-V on 28 April 2017
- TSX-V listing approval is the final escrow requirement for release of CAD$25M from Harvest One financing
The resulting issuer, Harvest One Cannabis Inc. (“Harvest One Cannabis”) (TSX-V:HVST), has been approved as a Tier 1 Life Science Issuer, with HVST Common Shares expected to resume trading on or about 28 April 2017.
The Company is also pleased to announce that an Amended Filing Statement dated as of April 19, 2017 filed in connection with the Acquisition has been posted on SEDAR and may be viewed under the Harvest One’s profile at www.sedar.com in accordance with Section 12.4(i) of Exchange Policy 2.4.
Importantly, TSX-V listing approval satisfies the final escrow requirement for the release of the CAD$25 million secured under the recent Harvest One capital raising (see ASX release dated 23 February 2017). As previously advised, upon listing Andreas Gedeon will assume the role of Managing Director of Harvest One Cannabis.
MMJ will have a 60% ownership in Harvest One Cannabis – a fully-financed company with two strategic cannabis brands operating in one of the fastest growing cannabis markets globally.
A key near-term focus for Harvest One Cannabis is the rapid scaling up of production at the Company’s flagship Duncan Facility in Canada, as it will enable the business to establish a first-mover advantage in the soon to be legalised Canadian recreational market.
MMJ PhytoTech’s Managing Director, Andreas Gedeon, commented:
“Admission to list on the TSX-V is a significant milestone for the business, as it will provide our shareholders with a direct exposure to one of the pre-eminent cannabis investment markets globally.
We intend to capitalise on the strong support we have received to date from the Canadian investment community, and with a number of key near-term operational catalysts on the horizon, management expects the business to further solidify its position as one of the main players in the rapidly growing Canadian cannabis market.”
About MMJ PhytoTech Ltd
Phytotech Medical ASX:PYL
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 three business units, strategically located in favourable jurisdictions with supportive regulatory frameworks in place.
MMJ has signed a definitive agreement with Canadian-based Harvest One Capital Corp. (CVE:WON.H) for the sale to Harvest One of 100% of the issued shares of United Greeneries Holdings Ltd and Satipharm AG.
United Greeneries Holding Ltd. has established world-class growing facilities in Canada, including the fully licensed Duncan Facility. MMJ is the first Australian-based company to receive a Canadian medicinal cannabis cultivation licence, and one of only a few companies globally with the capacity to commercially cultivate medicinal grade cannabis in a federally regulated environment.
The Company’s Swiss-based, medicinal products division operates under its 100% owned subsidiary, Satipharm AG, and is currently focused on developing regulatory compliant, unique oral delivery technologies that have the potential to deliver safe, effective and measured doses of medicinal cannabis to patients. MMJ began production of its first capsule product in May 2015, and is committed to providing novel treatment options throughout regulated markets globally.
PhytoTech Therapeutics Ltd is MMJ’s Israel-based subsidiary responsible for the clinical research and development activities. In March 2016, PhytoTech Therapeutics completed a phase 1 clinical study which highlighted the safety and performance of Satipharm’s capsule formulations in delivering CBD compounds to trial subjects.
Source: New feed