TORONTO, Nov. 20, 2018 /CNW/ - MMJ Group Holdings Limited (ASX: MMJ) ("MMJ" or the "Company") today confirms that it has closed its previously announced sale of 100% of the issued and outstanding shares of is wholly owned subsidiary, Phytotech Therapeutics Limited ("PTL") (the "Purchased Shares"), to Harvest One Cannabis Inc. ("Harvest") (the "Acquisition").
Pursuant to a binding share sale agreement dated June 25, 2018, MMJ acquired 8,160,161 common shares (the "Share Consideration") of Harvest, through its wholly-owned subsidiary PhytoTechMedical (UK) Pty Ltd. ("Phyto UK"), as partial consideration for the Acquisition.
As a result of the Acquisition, MMJ beneficially owns 30.51% of the issued and outstanding common shares of Harvest, with approximately 27.31% held beneficially through Phyto UK, its wholly-owned subsidiary.
The Share Consideration was acquired pursuant to the Acquisition. MMJ may increase or decrease its beneficial ownership in Harvest in the future, depending on, among other factors, market conditions and other factors relevant to MMJ's investment decisions. Other than the Purchased Shares, MMJ has no current intention to increase its beneficial ownership of, or control or direction over, additional securities of the Company.
For media and investor inquiries please contact: Jason Conroy Chief Executive Officer at email@example.com
MMJ Group Holdings Limited (ABN 91 601 236 417) is a global cannabis investment company. 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. For MMJ's latest investor presentation and news, please visit: https://www.mmjgh.com.au/investors/
This announcement contains reference to certain intentions, expectations, future plans, strategy and prospects of MMJ. Those intentions, expectations, future plans, strategy and prospects may or may not be achieved. They are based on certain assumptions, which may not be met or on which views may differ and may be affected by known and unknown risks. The performance and operations of MMJ may be influenced by a number of factors, many of which are outside the control of MMJ. No representation or warranty, express or implied, is made by MMJ, or any of its directors, officers, employees, advisers or agents that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. Given the risks and uncertainties that may cause MMJ's actual future results, performance or achievements to be materially different from those expected, planned or intended, recipients should not place undue reliance on these intentions, expectations, future plans, strategy and prospects. MMJ does not warrant or represent that the actual results, performance or achievements will be as expected, planned or intended. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in MMJ. This document does not constitute any part of any offer to sell, or the solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of any "US person" as defined in Regulation S under the US Securities Act of 1993 ("Securities Act"). MMJ's shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to any US person without being so registered or pursuant to an exemption from registration including an exemption for qualified institutional buyers.
SOURCE MMJ Group Holdings Limited
For further information: Investor and Media Enquiries: Jason Conroy, Chief Executive Officer, firstname.lastname@example.org