Perth, Mar 29, 2017 AEST (ABN Newswire) - MMJ PhytoTech Limited (ASX:MMJ) ("MMJ" or "the Company") is pleased to advise that the Company's Australian distribution partner, HL Pharma Pty Ltd ("HL Pharma"), has received approval for a medicinal cannabis importation licence from the Department of Health.
MMJ achieves significant step towards supplying Australian medicinal cannabis market following its partner's receipt of medicinal cannabis import licence
MMJ's Swiss subsidiary, Satipharm AG, targeting near-term supply of cannabidiol (CBD) capsules to Australian pharmacies through strategic partnership with HL Pharma Pty Ltd
Satipharm is positioned to seek approval to supply its Gelpell CBD capsules as one of the first medicinal cannabis products available on the Australian market
This is a significant development for MMJ as it enables the Company to target direct supply to Australian pharmacies through its strategic partnership with Melbourne-based HL Pharma. With its extensive Australian distribution networks, HL Pharma provides the requisite framework to facilitate the importation of Satipharm AG's ("Satipharm") CBD capsules to approved customers.
Satipharm's Gelpell CBD capsules have successfully undergone a Phase 1 Clinical Trial for safety and bioavailability and are produced in Switzerland. The capsules will be available in a 10mg and a 50mg cannabidiol (CBD) presentation and contain no detectable levels of tetrahydrocannbinol (THC). However, Satipharm's prodution and manufacturing partners in Switzerland have recently received narcotic handling permits that will allow for the formulation of Gelpell capsules that include THC. Satipharm intends to make Gelpell capsules with THC and THC/CBD formulations available to the Australian market once the necessary regulatory approvals have been obtained.
Importantly, Satipharm's CBD capsules are set to become one of the first medicinal cannabis products available to approved customers in Australia, furthering the Company's position as a First Mover in the market. Satipharm has the necessary inventory to immediately commence the importation of its CBD capsules into Australia, where the capsules will be stored by HL Pharma in a secure warehouse facility pending approval to supply.
MMJ PhytoTech's Managing Director, Andreas Gedeon, commented:
"HL Pharma's medicinal cannabis import licence is a significant catalyst for MMJ to obtain the necessary approvals for our CBD capsules to be one of the first medicinal cannabis products available on the Australian market.
MMJ remains very supportive of the Australian Government's decision to facilitate faster access to approved medicinal cannabis products and the Company is robustly positioned to become a leading player in this evolving landscape.
MMJ looks forward to providing shareholders with further updates on our Australian sales and distribution strategy in coming weeks, in what is a very transformational period for the business."
About MMJ PhytoTech Ltd
MMJ PhytoTech Limited (ASX:MMJ) is focused on becoming a large-scale cannabis producer, targeting direct supply to the growing Canadian medical and recreational markets which will have an estimated combined value of C$8-9 billion by 2024. The Company controls operations across the entire medicinal cannabis value chain through three business units, strategically located in favourable jurisdictions with supportive regulatory frameworks in place.
MMJ has signed a definitive agreement with Canadian-based Harvest One Capital Corp. (CVE:WON.H) for the sale to Harvest One of 100% of the issued shares of United Greeneries Holdings Ltd and Satipharm AG.
United Greeneries Holding Ltd. has established world-class growing facilities in Canada, including the fully licensed Duncan Facility. MMJ is the first Australian-based company to receive a Canadian medicinal cannabis cultivation licence, and one of only a few companies globally with the capacity to commercially cultivate medicinal grade cannabis in a federally regulated environment.
The Company’s Swiss-based, medicinal products division operates under its 100% owned subsidiary, Satipharm AG, and is currently focused on developing regulatory compliant, unique oral delivery technologies that have the potential to deliver safe, effective and measured doses of medicinal cannabis to patients. MMJ began production of its first capsule product in May 2015, and is committed to providing novel treatment options throughout regulated markets globally.
PhytoTech Therapeutics Ltd is MMJ's Israel-based subsidiary responsible for the clinical research and development activities. In March 2016, PhytoTech Therapeutics completed a phase 1 clinical study which highlighted the safety and performance of Satipharm's capsule formulations in delivering CBD compounds to trial subjects.