MMJ Phytotech Reports Positive Cash Flow of $14.64m for the December 2017 Quarter

MMJ PhytoTech Limited (ASX: MMJ) provided its quarterly activities report for the period ended 31 December 2017.

During the quarter, MMJ advised it would be expanding its market position through further strategic investments within the global cannabis sector, including a proposed name change.

The new strategy will leverage MMJ’s robust cash position enabling the Company to act quickly and decisively when new investment opportunities arise. MMJ will target exposure to a range of global opportunities spanning the entire cannabis value chain in favourable jurisdictions.

In November, MMJ agreed to invest A$500,000 in ASX-listed Israeli life sciences company eSense-Lab Ltd (“eSense” or “ESE”) (ASX: ESE).

MMJ was issued 2,500,000 ordinary shares in eSense at the price of A$0.20 per share. In addition, MMJ is entitled to receive 1 free option for every 2 shares issued at a $0.30 exercise price and expiry date of 3 years from date of issue, subject to ESE shareholder approval.

In parallel with MMJ’s cornerstone investment, ESE undertook a Share Placement (“the Placement”) to raise up to A$1,619,719 via the issuance of new fully paid ordinary shares to sophisticated investors at an issue price of A$0.25 per share.


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