Enters Agreement to Strengthen AUS Distribution Network
- Binding LOI entered with HL Pharma Pty Ltd. for the importation and distribution of MMJ's medicinal cannabis products
- MMJ to work with HL Pharma to secure all necessary import licenses and permits
- Partnership will play a key role in MMJ's entry into Australian medicinal cannabis market and establishment of a secure supply chain
Under the agreement, HL Pharma will assist with establishing an Australian dispensary framework that enables the distribution of MMJ's medicinal cannabis products to approved customers.
Following recent changes to Australian Commonwealth legislation, legalising medicinal cannabis as a controlled prescription drug, MMJ will initially look to supply the Australian market with its sophisticated oral delivery products developed by its Switzerland-based subsidiary Satipharm AG ("Satipharm").
HL Pharma is a Melbourne-based specialist pharmaceutical wholesaler and distributor. The Company has more than 20 years of experience, supplying pharmaceuticals to hospitals, pharmacies, doctors, veterinarians and pharmaceutical wholesalers worldwide. HL Pharma is registered with The Victorian Department of Health and works under the code of Good Distribution Practice ("GDP") to supply pharmaceuticals.
MMJ PhytoTech's Managing Director, Andreas Gedeon, commented:
"We are very pleased to be partnering with HL Pharma to further establish our Australian supply chain, as we view the Australian medicinal cannabis market as an important part of the business.
With legislation continuing to evolve, it is advantageuos for MMJ to establish relationships with highly experienced local partners such as HL Pharma, to ensure a seamless entry into this market.
We look forward to providing our shareholders with further corporate and operational updates in the near-term."
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.
MMJ PhytoTech Ltd