First Cannabis Crop Harvested at Duncan Facility
- 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
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.
The Company will provide the market with further operational updates in the coming weeks.
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:HVST), 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