MMJ Group Holdings Ltd (ASX:MMJ) directors have supported the company’s share purchase plan to fund existing and new cannabis and hemp businesses and operating expenses.
Chairman Peter Wall acquired 37,500 shares at 8 cents per share and directors Winton Willesee and Doug Halley acquired 100,000 and 62,500 shares respectively.
MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail.
The company’s investment WeedMD Inc (CVE:WMD) recently expanded its multi-channelled distribution strategy following the acquisition of Starseed Medicinal Inc.
Starseed’s exclusive partnership with LiUNA, the largest construction union in Canada, complements WeedMD’s direct sales to medical patients.
The company maintains strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where its adult-use brands Color Cannabis and Saturday are sold.
WeedMD chief executive officer Angelo Tsebelis recently said the company was on the path to profitability by sustaining and operating a lean business model across its cultivation sites, capturing higher-margin products rooted in low-cost cultivation platforms and securing nearly C$10 million in selling, general and administrative expenses reduction run rate by the end of 2020.