Perth, Australia, May 23, 2018 - (ABN Newswire) - MMJ PhytoTech Limited (ASX:MMJ) ("MMJ") announces that it has sold all of its:
- common shares and warrants in Cannabis Wheaton Income Corp (CVE:CBW) for CAD$5.6 million (net of brokerage), realising a 2.2x multiple on invested capital ("MOIC") from MMJ's original investment in Dosecann Inc; and
- ordinary shares in e-Sense Lab Limited (ASX:ESE) ("ESE") for AUD$0.2m (net of brokerage), realising a 0.8x MOIC for a small cash loss after accounting for the payment recently made by ESE to MMJ as consideration for unapproved share options.
Jason Conroy, CEO of MMJ, said "These divestments are in line with our strategy to recycle capital to provide cash for further investments by MMJ in the global cannabis sector. As a result, MMJ's current unaudited corporate cash position will increase to approximately AUD$8.1 million."
About MMJ PhytoTech Ltd:
In October 2017, MMJ PhytoTech Limited (ASX:MMJ) announced its strategy to become an incubator for strategic investments across regulated jurisdictions globally covering the entire cannabis value chain.
Following the successful listing of United Greeneries Holdings Ltd ("United Greeneries") and Satipharm AG ("Satipharm") on the TSX-V through Harvest One Cannabis Inc. (CVE:HVT), MMJ has focused on the identification of a number of independent strategic investment opportunities that have the potential to deliver significant value to the Company's shareholders.
MMJ is actively pursuing early stage opportunities with the ability to deliver significant future revenue and the opportunity to provide dramatic global synergistic value as regulatory frameworks in key international markets continue to evolve. MMJ is targeting the full range of emerging cannabis-related sectors including healthcare products, technology, infrastructure, logistics, processing, cultivation, equipment, R&D, hemp food products and retail.
MMJ currently holds an equity stake of 53,333,333 shares in Harvest One, 100% ownership of Israeli-based R&D division PhytoTech Therapeutics Limited ("PTL") and strategic holdings in e-Sense Lab Limited (ASX:ESE) and private Canadian-based company WeedMe Inc.
Contact:
Investor and Media Enquiries:
Jason Conroy
Chief Executive Officer
T: +61-2-8098-0819
E: jconroy@mmjphytotech.com.au
Source:
MMJ PhytoTech Ltd
Copyright (C) 2018 ABN Newswire. All rights reserved.
© 2024 Canjex Publishing Ltd. All rights reserved.