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MMJ PhytoTech Ltd sees new opportunities from simpler medicinal cannabis regulation

2 minutes reading time (328 words)

An important proposed change for MMJ’s largest investment, Harvest One Cannabis Inc.

The new change will eliminate duplication in approval processes

Limited () is expected to benefit from the New South Wales government’s new plan to simplify access to medicinal cannabis for doctors and patients in the state.

Instead of both the Commonwealth and NSW Health overseeing the approvals, the state will now rely on a single clinical assessment by the Therapeutic Goods Administration (TGA).

This key change will eliminate duplication from the current approval process and substantially shorten the time between application and approval for doctors in NSW to prescribe medicinal cannabis to their patients.

Significantly, this is an important proposed change for MMJ’s largest investment, Harvest One Cannabis Inc (CVE:HVT), which currently supplies CBD (cannabidiol) capsules to approved patients in Australia.

READ: MMJ PhytoTech eyes new opportunities in the Australian medicinal cannabis sector

Harvest One is the core investment in MMJ’s portfolio, holding over 53 million shares representing a significant minority shareholding of circa 34%.

Following its recent capital raisings, Harvest One has a cash balance of around C$80 million to fund the company’s growth initiatives with a focus on expanding its cannabis production facilities.

Total legalised market opportunity exceeding $20 billion

Canada is expected to be the largest federal jurisdiction in the world to legalise cannabis consumption.

The total legalised market opportunity in Canada is estimated by to exceed $20 billion.

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