Perth, Australia (ABN Newswire) - MMJ Group Holdings Limited (ASX:MMJ) (OTCMKTS:MMJJF) ("MMJ") notes that, as part of its active portfolio management approach, it has lodged a notice with the TSX Venture Exchange ("TSX-V") stating its intention to divest up to 5 million of its 48.333 million(see Note below) shares held in Harvest One Cannabis Inc. (CVE:HVT) ("Harvest One").
The notice is a Canadian regulatory requirement as MMJ's current shareholding of approximately 28% in Harvest One is more than the 20% ownership threshold. Lodgement of the notice permits MMJ to divest the shares at any time at its discretion, either through the TSX-V and/or direct with private buyers, after the expiry of a seven-day notice period.
MMJ's CEO Jason Conroy commented that "On completion of the share sale the proceeds are expected to be mostly applied by MMJ to other investment opportunities."
Note: On completion of the sale of PhytoTech Therapeutics, MMJ will be issued 8,160,161 Harvest One shares.
The notice is a Canadian regulatory requirement as MMJ's current shareholding of approximately 28% in Harvest One is more than the 20% ownership threshold. Lodgement of the notice permits MMJ to divest the shares at any time at its discretion, either through the TSX-V and/or direct with private buyers, after the expiry of a seven-day notice period.
MMJ's CEO Jason Conroy commented that "On completion of the share sale the proceeds are expected to be mostly applied by MMJ to other investment opportunities."
Note: On completion of the sale of PhytoTech Therapeutics, MMJ will be issued 8,160,161 Harvest One shares.
About MMJ PhytoTech Ltd:
MMJ PhytoTech Limited (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: http://www.mmjphytotech.com.au/investors/
Source:
MMJ PhytoTech Ltd
Contact:
Investor and Media Enquiries: Jason Conroy Chief Executive Officer T: +61-2-8098-0819 E: info@mmjphytotech.com.au