MMJ PhytoTech applies for ASX re-quotation, Canadian cannabis investment enters distribution agreement

MMJ PhytoTech Ltd (ASX:MMJ) has confirmed MediPharm Labs Inc (TSX-V:LABS), in which MMJ has CAD$5 million of equity invested, has entered into a cannabis concentrate program agreement with Emerald Health Therapeutics Inc (TSX-V:EMH).

MMJ’s investment in MediPharm amounts to 5.88 million shares at 85 Canadian cents per share and 2.94 million warrants exercisable at CAD$1.20 a share by October 2020.

The company has also confirmed it has made the relevant re-quotation application to the ASX after its shareholders confirmed the disposal of MMJ subsidiary PhytoTech Therapeutics Ltd on October 5 and MMJ went into suspension.

Along with approving the disposal of PhytoTech Therapeutics to Harvest One Cannabis Inc (TSX-V:HVT), MMJ shareholders voted to change the company name to MMJ Group Holdings Limited.

READ: MMJ PhytoTech invests into major Canadian medical cannabis company

The MediPharm 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.

Story by ProactiveInvestors