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Entourage 11/06/2020

MMJ Investor Update – WeedMD

MMJ Group Holdings Limited (ASX:MMJ) (“MMJ”), is an Australian-listed company that specialises in managing a portfolio of investments along the cannabis value-chain in Australia, Canada and Europe.

WeedMD Investor Presentation

MMJ attaches the following release by one of MMJ’s largest investees, WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), in relation to its operations.

WeedMD Inc. is a federally-licensed producer of cannabis products for both the medical and adult-use markets in Canada. The WeedMD release provides an update on the Company’s indoor and outdoor cultivation and extraction operations for the medical and adult use markets.

MMJ’s investment in WeedMD

MMJ’s initial investment in WeedMD was made in September 2019 – the investment now comprises:

  1. CAD6m in 8.5% unsecured convertible debenture units issued by WeedMD which MMJ has the option to convert into 3.75m shares by 25 September 2022. The debenture units have preference over ordinary shares with interest paid to MMJ on quarterly basis.
  2. Warrants that allow MMJ to acquire an additional 3.75m shares for CAD1.80 each by 25 September 2022.

Read the full ASX Release here.

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