Perth, Australia (ABN Newswire) - MMJ PhytoTech Limited (ASX:MMJ) ("MMJ" or "the Company") is pleased to advise that Canadian-based Harvest One Capital Corp. (CVE:WON.H) ("Harvest One") has launched a C$15 million private placement ("the placement") to finalise the acquisition of the Company's cannabis subsidiaries United Greeneries Holdings Ltd ("UG") and Satipharm AG ("Satipharm") respectively.

The placement follows the signing of a definitive agreement by both parties on 8th December 2016, which outlined the sale of 100% of the issued and outstanding shares of UG and Satipharm to Harvest One.

A full copy of the announcement released by Harvest One to the Toronto Venture Exchange outlining further details of the placement and the transaction can be viewed in the following link below.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/07LID47L



About MMJ PhytoTech Ltd:

MMJ PhytoTech Limited (ASX:MMJ) is focused on becoming a large-scale cannabis producer, targeting direct supply to the growing Canadian medical and recreational markets which will have an estimated combined value of C$8-9 billion by 2024. The Company controls operations across the entire medicinal cannabis value chain through three business units, strategically located in favourable jurisdictions with supportive regulatory frameworks in place.

United Greeneries Holding Ltd. has established world-class growing facilities in Canada, including the fully licensed Duncan Facility. MMJ is the first Australian-based company to receive a Canadian medicinal cannabis cultivation licence, and one of only a few companies globally with the capacity to commercially cultivate medicinal grade cannabis in a federally regulated environment.

The Company’s European, cannabis-based, pharmaceutical, nutraceutical and cosmetics division operates under its 100% owned subsidiary, Satipharm AG. MMJ began production of its Gelpell ® Microgel Capsules in May 2015, and is committed to boosting the sales of its flagship product throughout regulated markets globally.

MMJ’s Israel-based subsidiary, PhytoTech Therapeutics Ltd, is responsible for the Company’s R&D activities, with a key focus on the development and commercialisation of new and existing delivery systems and devices that have the potential to deliver safe, effective and measured doses of medicinal cannabis to patients.



Source:

MMJ PhytoTech Ltd



Contact:

Andreas Gedeon
Managing Director
Phone: +1-250-713-6302
Email: agedeon@mmj.ca
www.mmjphytotech.com.au