MMJ Group Holdings Limited Provides an Update for Harvest One: A Quick Look

  • Dec 24, 2018 AEDT
  • Team Kalkine
MMJ Group Holdings Limited Provides an Update for Harvest One: A Quick Look

On December 24, 2018, MMJ Group Holdings Limited (ASX: MMJ), which was earlier known as MMJ Phytotech Limited, had made an announcement for Harvest One Cannabis Inc.’s strategic priorities for 2019 as well as management responses for the questions which were asked by the concerned persons. This update has been issued with the help of the press release. MMJ Group Holdings Limited happens to possess the portfolio which is comprised of investments related to the cannabis sector. It plans to make investments towards various avenues like infrastructure, technology, healthcare products, cultivation, processing, logistics, R&D, equipment as well as retail. Mr. Peter Wall is the Non-Executive Chairman of MMJ Group Holdings Limited. 

As per the press release, in the Harvest One Cannabis, MMJ Group Holdings holds 55,557,994 shares. Harvest One would continue to be focused on the cultivation and would also be working towards the creation of derivative value-added products like creams, vape pens, oils, beverages and more in 2019. In the same period, Harvest One has been planning to be cash flow neutral. The press release which was issued also stated that Harvest One is working towards the deals which could extend support in terms of the supply in order to provide support for the development of the product, strategy as well as its goal.

Harvest One was faced with the questions related to the mergers and acquisitions or M&As. When asked that whether or not they have been considered for the acquisition, the management replied “yes.” According to them, the Board and Senior Management of the company have been working towards the activities which could support it in becoming a successful company. The management of the company also stated that the broader industry is moving towards the high growth stage and, as a result, the talks related to the mergers and acquisitions are taking place. They added that the value creation for the shareholders of the company is of utmost essential.

The management of Harvest One was also faced with the question of the cash position. The management stated that the company’s expansion activities are financed. Moreover, they also possess sufficient funds when it comes to strategic acquisitions. Thus, as per the management, there is no requirement for the fundraising activities. They also added that depending over the transactions which the management might opt, the need for the fundraising might arise.

Let us now quickly look at the performance of MMJ Group Holdings Limited today. On December 24, 2018, ended the session on the positive note. The stock price of the company settled at A$0.195 per share which implies the rise of A$0.005 per share or 2.632%. The market capitalization of MMJ Group Holdings Limited stood at $43.73 million. The stock price of the company is trading towards the lower range. Let us now look how the stock has performed from the past few months. Over the previous three months, the stock has delivered the return of -37.70% while in the previous one month the stock delivered -29.63% return.


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