MMJ PHYTOTECH LIMITED JUNE QUARTERLY ACTIVITIES REPORT MMJ PhytoTech Limited (ASX: MMJ) (“MMJ” or “the Company”) is pleased to provide its activities report for the quarter ended 30 June 2016. The June quarter has been a successful and productive period for the Company, with a number of key milestones achieved at both a corporate and operational level. A key highlight of the quarter was the granting of a medical cannabis (“MC”) production licence for the Company’s flagship Duncan Facility in Canada demonstrating continued progress on the Company’s execution of its Farm-to-Pharma strategy. Highlights: Health Canada grants Marihuana for Medical Purposes Regulations (“MMPR”) production licence for flagship Duncan Production Facility MMJ is the first Australian-based company to secure a Canadian medical cannabis production licence MMJ facilitates entry into Australian market, signing two strategic partnerships for the distribution of medical cannabis products Appointment of two key pharmaceutical professionals to help drive the evolution of the Company’s ‘Farm-to-Pharma’ strategy MMJ now ready to supply the existing medical cannabis market and future recreational cannabis market in Canada Duncan Facility MMPR Licence Granted On 30 June 2016, the Company announced that its wholly-owned subsidiary United Greeneries (“UG”) had been approved by Health Canada (“HC”) as an authorised Licensed Producer (“LP”) at its flagship Duncan Facility, under the Marihuana for Medical Purposes Regulations (“MMPR”). The granting of the Duncan MMPR licence is a key catalyst, as it positions MMJ as one of a select number of companies globally with the capacity to commercially cultivate medicinal grade cannabis in a federally regulated system. Furthermore, the facility will provide MMJ with a secure and legal source of pharmaceutical grade MC, and will enable near-term revenues to be generated from the sale of MC within Canada, and potentially via exports to other regulated MC markets, including Australia.
The Company has invested approximately CAD$8 million towards the development of a world-class medical cannabis operation at the Duncan Facility, which has a cultivation area of ~10,000ft². The significance of the Canadian regulatory system is highlighted by the fact that it falls under federal Canadian law, which enables imports and exports across national borders. The Canadian system also enables wide and easy consumer access to MC products and provides the required framework for the large scale commercial production of MC and related extracts. Strategic Entry into the Australian Market On 20 April 2016, the Company advised that it had entered into binding Letters of Intent (“LOI”) with two strategic partners to facilitate the Company’s entry into the Australian market. Fresh Therapeutics Compounding Pharmacy (“Fresh Therapeutics”), a New South Wales based company, has agreed to partner with MMJ to import and develop a dispensary model for Satipharm’s (MMJ wholly-owned subsidiary) existing MC products under the current legal framework in Australia. The partnership will initially focus on the distribution of Satipharm’s exclusive Gelpell gastro-resistant Microgel capsules, while it also provides significant scope for the joint development of a dispensary network for all future products by MMJ in the evolving legal environment in Australia. A LOI was also signed with Epilepsy Action Australia to advance the availability, access and acceptance of MC in Australia through research, advocacy and education. This cooperative agreement will aim to drive the education process within the Australian market, and will include clinical research into cannabis-based treatment options for epilepsy. Epilepsy Action Australia is a leading advocacy group for epileptic patients and their families in Australia with a membership of over 100,000 Australia wide. This partnership will support MMJ to leverage its position as an industry leader in the Australian MC field and to participate in regulatory discussions where appropriate. Appointment of Key Pharmaceutical Professionals On 14 June 2016, the Company announced that it had significantly strengthened its senior management team and advisory personnel with the appointment of Stanislav Sologubov as Chief Executive Officer of Satipharm Switzerland and John Hollister as a pharmaceutical consultant. These appointments are viewed as key to supporting MMJ’s ongoing evolution towards becoming a leading player in the global MC pharmaceutical market. Sologubov is an international sales and marketing executive with more than 15 years’ experience working with numerous international healthcare companies, including Johnson & Johnson and Bausch + Lomb.
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