Global Cannabis Investment Company, MMJ Group Holdings Limited (ASX: MMJ) currently owns around 4.4 million shares for a 4.5 percent shareholding and 2.9 million warrants in Canada’s leading cannabis-focused pharmaceutical company, MediPharm Labs Inc.
MediPharm Labs today (i.e., 8 January 2019) announced that its common shares will start trading today in the United States on the OTCQB Market under the symbol “MLCPF.”
MediPharm is already trading on Toronto Stock Exchange (TSX) under the symbol “LABS” and will continue to trade on TSX. Following this news, the share price of the company increased by 2.128 percent as on 8 January 2019.
As per the MediPharm’s CEO and President Mr. Pat McCutcheon, the listing on the OTCQB Market is an important milestone for MediPharm Labs as the company is progressing towards its vision of becoming a global leader in purified cannabis concentrates. He further added that the listing would improve liquidity and expand MediPharm’s presence and exposure in the United States as the company is getting introduced to a broader audience of U.S. institutional and retail equity investors.
Recently, MediPharm was added to the Horizons Marijuana Life Sciences Index ETF (TSX: HMMJ) which was a significant step forward for the company to become a leader in purified cannabis extraction. In December 2018, MediPharm announced that it had expanded its annual production capacity by 50% after its wholly-owned subsidiary MediPharm Labs Inc. received approval from Health Canada to increase its capacity from 100,000 KG of dried cannabis to 150,000 KG which will be extracted over five extraction lines.
In November 2018, MediPharm entered into an 18-month strategic supply agreement with Canopy Growth Corporation to supply up to 900KG of cannabis extract which is a meaningful increase in total supply in the market.
Recently on 24 December 2018, the company MMJ Group provided an update on the 2019 strategic priorities for its another subsidiary Harvest One Cannabis Inc. In the 2019 Outlook of Harvest One, the company informed that cultivation would remain a pivotal part of Harvest One’s strategy and the company will focus on creating derivative value-added products such as vape pens, oils, creams, beverages, etc. Harvest One Cannabis Inc is increasing Dream Water distribution across North America and beyond, and the company’s team has recently secured product listing across North America's largest retailer - Walmart.
MMJ Group’s another subsidiary VitaGenne Inc which is a hemp-derived CBD (Cannabidiol) product company recently announced that it is refining its branding and marketing initiatives in preparation for its expected launch in the first quarter 2019 across the United States.
Meanwhile, in the past six months, the share price of MMJ Group decreased by 27.69 percent as on 7 January 2019. MMJ’s shares traded at $0.240 with a market capitalization of circa $54.09 million as on 8 January 2019 (AEST 1:09 PM).
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