Annual Report to Shareholders
A number of key milestones have been achieved during FY2017 at PTL, and the Board is delighted with the progress of the ongoing Phase 2 clinical trials, and we expect further positive results from these R&D efforts to be delivered to shareholders in the near-term.
It is important that our shareholders remember that these Phase 2 clinical activities currently underway in Israel have the potential to pave the way for the commercial development of PTL's medicinal cannabis products, which would undoubtedly be a significant value catalyst for the business.
Looking ahead, the Board remains very enthusiastic about the near-term prospects available to both MMJ and Harvest One respectively, with both companies maintaining robust cash positions and highly experienced management teams with the requisite experience and market knowledge to unlock considerable shareholder value over the coming 12 months.
MMJ is entering a very exciting period in its maturation as a global cannabis business, with a majority shareholding in Harvest One, strategically complemented by the flexibility to pursue additional opportunities in the cannabis sector providing a very solid foundation for near-term growth.
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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