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MMJ News 05/02/2020

MMJ Investor Update – WeedMD

MMJ Group Holdings Limited (ASX:MMJ) (“MMJ”), an Australian-listed company that specialises in managing a portfolio of investments along the cannabis value-chain, attaches the following releases by one of MMJ’s largest investees, WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), in relation to its operations:

  1. appointment of new Chief Executive Officer – Appendix One;
  2. the completion of WeedMD capital raising – Appendix Two;
  3. a presentation on the operations of WeedMD

MMJ’s investment in WeedMD consists of:

  1. CAD6m in 8.5% unsecured convertible debenture units issued by WeedMD which may be converted into 3.75m shares by September 2022.
  2. The right to make further investments in WeedMD through warrants that allow MMJ to acquire an additional 3.75m shares for CAD1.80 each for a period of 3 years.

The book value of MMJ’s investment is approximately AUD5.7m.

WeedMD Inc. is a federally-licensed producer of cannabis products for both the medical and adult-use markets in Canada.

Update on MMJ Portfolio and Canadian Cannabis market

MMJ is also pleased to present a Proactive Investors (Proactive) interview with Mr Michael Curtis, non-executive director of MMJ and managing partner of Embark Ventures Inc (EBV). EBV is the investment manager of MMJ’s portfolio of cannabis and hemp investments.

In this Proactive interview, Michael Curtis provides an update on EBV’s role as investment manager for MMJ, the Canadian cannabis market and what’s planned for the MMJ portfolio. Michael Curtis also comments on the recent developments in one of MMJ’s largest investments, WeedMD Inc.

The video interview can be found here.

Read the full ASX Announcement here.

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