First Cannabis Crop Harvested at Duncan Facility
5 April 2017
- First crop of OG Kush strain successfully harvested at Duncan Facility yielding approximately 60kg of dried cannabis buds
- Cannabis buds have passed strict internal quality control measures and will be ready for shipment in coming weeks
MMJ PhytoTech Limited (ASX: MMJ) (“MMJ” or “the Company”) is pleased to advise that its wholly-owned subsidiary United Greeneries Holdings Ltd. (“UG”) has successfully completed its first cannabis harvest at the Duncan Facility in Canada.
UG’s first crop of the OG Kush strain has yielded approximately 60kg of dried cannabis buds, with the harvest passing strict internal quality control measures. The Company expects the cannabis buds to be ready for shipment by late April.
Cultivation activities are continuing to be scaled up at the Duncan Facility, as UG looks to establish a first-mover advantage in the soon to be legalised Canadian recreational market, which will have an estimated value of CAD$5 billion per annum.
About MMJ PhytoTech Limited
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 signed a definitive agreement with Canadian-based Harvest One Capital Corp. (TSXV NEX: 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 customers. 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.
Original press release: http://clients3.weblink.com.au/pdf/MMJ/01845416.pdf