MMJ Group updates for two investments, WeedMD and Sequoya Cannabis
MMJ is a global cannabis investment company with a portfolio of listed and unlisted holdings.
() has today presented updates for two companies in its investment portfolio, unlisted Sequoya Cannabis Limited and ().
Sequoya’s Polish subsidiary, Sequoya Europe, has received EU GMP certification for its newly completed European centre of extraction and cannabidiol (CBD) production.
This is an important first step to becoming a significant GMP-certified hemp CBD supplier, with longer-term plans to expand into the legal medical marijuana market across Europe.
Sequoya’s recently completed cannabis extraction operations are located in Krakow, Poland, with plans to become a leading supplier of CBD extracts and isolate within the European Union.
MMJ holds a CAD$2.5 million convertible note, 24% shareholding, and rights to make further future investments in Sequoya.
WeedMD raises capital and gets new CEO
is a federally-licensed producer of cannabis products for both the medical and adult-use markets in Canada.
Overnight the company has revealed that it has appointed experienced pharmaceutical executive Angelo Tsebelis as its CEO to replace Keith Merker.
Furthermore, WeedMD shareholders have voted to approve a $25 million capital raising with the LiUNA pension fund.
MMJ’s investment in WeedMD has a book value of A$5.7 million and comprises a CAD$6 million 8.5% unsecured convertible debenture units and rights to buy future shares through warrants.
NTA per share of 24.7 cents at end of December
MMJ’s portfolio of investments ended the recent December quarter with a total value of $61 million for a net tangible asset (NTA) per share valuation of 24.7 cents.
With shares last priced at 12.75 cents, this represents around a 50% discount to NTA.