November 18, 2017 6:53 PM ET

Pharmaceuticals

Company Overview of MMJ Bioscience Inc.

Company Overview

MMJ Bioscience Inc. develops and produces marihuana for medical purposes. The company engages in the research and development, and production of of cannabis-based medicinal products including phytoceuticals, nutraceuticals, medicinal marihuana varieties, and ancillary applications. The company was founded in 2013 and is based in Duncan, Canada. As of July 27, 2015, MMJ Bioscience Inc. operates as a subsidiary of MMJ Phytotech Limited.

Duncan, BC 

Canada

Founded in 2013

Key Executives for MMJ Bioscience Inc.

Chief Executive Officer
President
Age: 42
Compensation as of Fiscal Year 2017.

MMJ Bioscience Inc. Key Developments

United Greeneries Holdings Ltd. Acquires Duncan Facility Property

Harvest One Cannabis Inc. through its wholly owned subsidiary United Greeneries Holdings Ltd. announced that it has closed an arm's length acquisition of its current production facility in Duncan, British Columbia for a cash purchase price of $2,800,000. The Duncan Facility is United Greeneries' prime production facility located on 13 acres of land on Vancouver Island. The 16,000 square-foot Health Canada licensed producer facility and quality control laboratory has a current production capacity of approximately 1,000kg per year with fully funded expansion plans ("Phase 1 Expansion") to increase capacity to approximately 8,500 kg per annum. The purchase is the first step in executing the Phase 1 Expansion at the Duncan Facility, which is intended to bring the total grow area at the site from approximately 10,000 square feet to approximately 130,000 square feet, subject to customary regulatory approvals. The Company reports that the development plans for Phase 1 Expansion are underway according to schedule and expects completion by fourth quarter of 2017.

United Greeneries Holdings Ltd Executes an Agreement with Cowichan Tribes

MMJ PhytoTech Limited, (MMJ or the company), has announced that its wholly-owned subsidiary, United Greeneries Holdings Ltd. (UG) has executed an agreement with Cowichan Tribes (Cowichan) in respect to the leasing of a 13-acre land package ("Expansion Land") located adjacent to the company's existing Duncan Facility. The Expansion Land will underpin UG's Phase 1 Expansion Strategy, initially supporting up to three acres of additional greenhouse production space, increasing production capacity to approx. 8,500kg of dried cannabis buds by the end of calendar year 2017. The agreement also provides scope for a potential Joint Venture (JV) with Cowichan to further expand UG's landholding with an additional 20 acres of greenhouse production space. This would drive production capacity at the Duncan Facility to approx. 50,000kg p.a. by 2020, potentially establishing UG as one of the cannabis producers in Canada.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
May 30, 2017
Current Production Facility in Duncan, British Columbia
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