MMJ Phytotech now a Canadian medical marijuana supplier

Company News

by David Chau

MMJ PhytoTech Limited (ASX:MMJ) says it is the first Australian company to receive a licence to cultivate medical marijuana in Canada.

The company says its facility Duncan, British Columbia, has 10,000 square-feet of area in which to cultivate its cannabis.

MMJ spent $8 million CAD to build this facility, which includes a “Level 8 Narcotics Vault” and an in-house biochemical lab.

The company says that the new licence positions MMJ not only as a supplier to existing Canadian patients, but also potentially the future “regulated recreational market”.

MMJ reported a net loss of $3.5 million at 31 December 2015.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.