In January 2021, the Investment Manager of MMJ’s investments, Embark Ventures Inc., changed its name to Parallax Ventures Inc (“Parallax”). Parallax has been engaged by MMJ as the Investment Manager of MMJ’s cannabis assets since 1 June 2019. There have been no other changes to personnel or operations of Parallax.
At MMJ’s Annual General Meeting on 30 November 2020, shareholders approved the proposal to broaden its existing investment mandate to include strategic investments in sectors outside of cannabis, such as but not limited to, natural resources, pharmaceuticals and software services technology, which will comprise no more than 25% of MMJ’s total consolidated assets at the time the investments are made (the “Diversification”).
The Diversification permits MMJ increased flexibility to create growth and greater returns for shareholders and thereby allows MMJ to lower its investment risk and reduce the impact of market volatility from the cannabis sector to ultimately benefit shareholders.
Consequently, MMJ has expanded the mandate of its Investment Manager, Parallax, to include the additional investments that are made under the Diversification.
Parallax, under the amended Investment Management Agreement, continues to be responsible for the identification, transacting and review of possible investment opportunities in the cannabis and now the non-cannabis sector, in accordance with MMJ’s amended investment strategy.