MMJ Phytotech to grow cannabis in Canada
MMJ said that it will grow the crop at its facility on Vancouver Island in Duncan, British Columbia, which has a cultivation area of 929 sqm.
“The granting of the Duncan MMPR (marijuana for medical purposes regulations) license is a significant milestone for MMJ, as it underpins the evolution of our `Farm to Pharma’ strategy,” MMJ MD Andreas Gedeon said.
“As the first Australian-based company to receive a Canadian production licence, we are very encouraged by Health Canada’s endorsement of our facilities.”
MMJ said the Duncan licence not only positioned MMJ as a supplier of medicinal cannabis but also for a potential regulated recreational market in the future.
The Canadian licensing system also allows for the import and export of medicinal marijuana across national borders.
MMJ said the granting of the licence in Canada would also enhance MMJ’s credibility when seeking to enter new markets.
It also said its Canadian subsidiary, United Greeneries, is now focusing on ramping up production at the Duncan Facility.
Shares in MMJ Phytotech had gained 7.5 cents, or 41.67 per cent, to 25.5 cents at 1035 AEST, after going as high as 30 cents.