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 “farm to pharma” 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.
“The $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.
