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Global cannabis investment company, MMJ Group Holdings Limited (ASX:MMJ) currently owns 55,557,994 shares in Harvest One for a 30.5 percent shareholding. Harvest One Cannabis Inc. is a global cannabis company which is involved in the development of innovative lifestyle and wellness products which are designed to enhance the quality of Consumerâs life.
As per the release, Satipharm Ltd which is a wholly-owned medical subsidiary of Harvest One Cannabis Inc. recently launched European sales of its Satipharm CBD capsules. These capsules will be available online at the Satipharm's new website www.satipharm.com which will help in making these capsules available to consumers across Europe. These capsules provide superior bioavailability and quality and as per Satipharmâs president Mr. Jonathan Hartshorn, the consumers will adopt these capsules as the product of choice for CBD (Cannabidiol) delivery in the marketplace.
Satipharm's Gelpell® technology improves the body's absorption of CBD and these CBD Gelpell® capsules are an important part of Harvest One's health and wellness strategy, and the management of Harvest One is pleased to bring this innovative delivery technology to market. CBD Gelpell® capsules were used in Phase 1 Clinical Trial which was Conducted in 2016. This trial demonstrated the safety and superior bioavailability of these capsules in comparison to an oromucosal formulation in humans.
CBD Gelpell® capsules were also used in Phase 2 Clinical Trial which was completed in 2018. In the Phase 2 Clinical Trial, these capsules reduced epileptic seizures in paediatric patients by 73.4 percent.
In the first quarter of 2019, Harvest one reported revenue of $1.68 million which was 862% higher than the previous corresponding year. The revenue was mainly driven by the contribution of Dream Water Sales, bulk sales of cannabis to other Licensed producers. The revenue was also driven by the initial recreational cannabis sale to the province of British Columbia.
In FY 2018, MMJ reported total revenue of ($9,568k) which include Interest received of $225k, Sales revenue of $211k, Realised gain on disposal of financial assets held for trading of $3,271k and Unrealised loss on revaluation of financial assets held for trading of ($13,275k). The company earned Profit before income tax of $1,656k.
As at 30 June 2018, the company had total current assets of $64,548k and total current liabilities of $390k. At the end of FY 2018, the company had net cash used in operating activities of $8,267k, Net cash used in investing activities of $91,157k and Net cash from financing activities of $77,573k. The companyâs cash and cash equivalents at the end of FY 2018 was $1,347k.
Meanwhile, in the past six months, the share price of the company decreased by 5.36 percent as on 29 January 2019. MMJâs shares traded at $0.250 (-5.66% intraday) with a market capitalization of circa $60.99 million as on 30 January 2019.
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