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MMJ News 07/12/2020

MMJ Group investee Embark Health amended Health Canada licence allows direct sale of cannabis 2.0 products

MMJ Group Holdings Ltd (ASX:MMJ) investee Embark Heath has been granted an amendment to its Health Canada licence allowing direct sales of cannabis extracts, cannabis topicals and edible cannabis products from the Embark Delta Inc facility in Delta, British Columbia.

The amendment permits sales of Cannabis 2.0 products directly to Canadian provinces & territories and allows Embark Delta to further expand its existing and future product offerings to the medical and recreational consumer markets with concentrates, extracts and nano-emulsified topical and edible products.

In addition, Embark can now offer white-labelling turn-key manufacturing services to its commercial accounts.

Embark is currently producing Bubble Hash, Dry Sift, Traditional Pressed Hash and Rosin at the Delta facility.

“Another key milestone”

“Receiving our sales licence to allow for the sale of extracts and concentrates in conjunction with EmbarkNano topicals, edibles and beverages is another key milestone in Embark’s path to growth and profitability,” said Embark’s CEO Dr Luc C Duchesne.

“The Embark portfolio of products addresses the evolving needs of today’s consumer.”

Upcoming product launches

Embark will bring products to market under the Embark Brands portfolio in order to meet the varying needs of customers; the first of which is launching in the coming weeks.

“Further, the EmbarkNano team has been developing formulations to address the Health & Wellness and Beauty segments of the market”, Embark’s chief commercial officer Stephanie Fry said.

“We look forward to these product launches in quarter one of 2021 and believe our products will set the standard in the market.”

Acquisition of Axiomm Technologies

In September, Embark Health completed the acquisition of Axiomm Technologies Ltd.

The acquisition was completed by way of a three-cornered amalgamation to which 2278991 Alberta Ltd, a wholly-owned subsidiary of Embark, amalgamated with Axiomm to form a new company under the name Embark Nano Inc.

At the time Dr Duchesne said: “We are thrilled to add Axiomm’s suite of proven technologies to Embark’s growing Canadian platform.

“The Axiomm portfolio of products and formulations support the mass production and distribution of 2.0 and 3.0 products including cannabis-infused beverages, topicals, edibles and water-soluble powders.

Investment in Embark

MMJ was a foundation investor in Embark Health in July 2018 with that the investment having a book value of $13.6 million and now comprises:

  • 3.697 million ordinary shares (around 12.7% shareholding) in Embark Health with a book value of C$2.44 per share;
  • Warrants that provide the option for MMJ to acquire a further 1 million shares at C$1.75 each up with maturity date of two years after a Liquidity Event;
  • Warrants that provide the option for MMJ to acquire a further 1.2 million shares at C$1.202 each up with maturity date of two years after a Liquidity Event; and
  • Warrants that provide the option for MMJ to acquire a further 1.125 million shares at C$4.80 each up with maturity date of two years after a Liquidity Event.
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