Medical Cannabis Merger Finalized

Perth-based medical marijuana company PhytoTech Medical has completed its merger with Canada-based MMJ Bioscience, creating Australia’s first listed multinational medical cannabis company.

Rebranded as MMJ PhytoTech Limited, the company also raised $4.8 million in an oversubscribed placement to investors.

It will now control the entire supply chain from cultivating the plants to distributing the product, all part of the company’s ā€œfarm to pharmaā€ strategy, processing medical grade marijuana from its Canadian operations and then turning it into a pill for European markets.

Managing Director of MMJ PhytoTech Andreas Gedeon said the merger put the company in a position where it could supply international regulated markets with products not available today.

ā€œThe $4.8 million placement provides us with the funds to accelerate our operations in Europe,’’ Mr Gedeon said.

The company has three operations: Canada-based United Greeneries, Satipharm, which will be its European nutraceutical and pharmaceutical manufacturer and wholesale distributor and Israel-based PhytoTech Therapeutics.

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