Annual Report to shareholders
Perth, Sep 24, 2019 AEST (ABN Newswire) - MMJ Group Holdings Limited (ASX:MMJ) (2P9:FRA) (MMJJF:OTCMKTS) cemented its place as the only Australian listed company that specialises in managing a portfolio of investments along the cannabis value-chain.
The Board is excited by the outlook of the Company as all of its investments are well positioned to participate in the significant growth expected in each of their market segments. Notably, our largest investment - Harvest One - is in the early stages of a turnaround with the appointment of Mr Grant Froese as Chief Executive in July 2018.
Since 30 June 2018 MMJ's post-tax net tangible assets (NTA1) had improved from 29 cents to 37 cents per share as at 30 June 2019. During the year MMJ returned 33.6% which compared favourably to its investment benchmark of 7.8%.
The Board initiated a number of strategic initiatives to address the material discount of the share price to MMJ's NTA per share value including the implementation of the share buy-back and the dividend policy together with the approval by MMJ shareholders of the appointment of Embark Ventures as MMJ's asset manager.
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About MMJ Group Holdings Ltd
MMJ Group Holdings Ltd (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: https://www.mmjphytotech.com.au/investors/