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Hygrovest Ltd (ASX:MMJ) is the new name for MMJ Group Holdings Ltd with the specialist investment company also having a new ticker ‘HGV'. The change of name was approved by shareholders at a virtual annual general meeting on December 17, 2021.
MMJ Group Holdings Ltd (ASX:MMJ, OTC:MMJJF) will include two items of Special Business in its 2021 AGM which will be held as a virtual meeting on 17 December 2021. Broadening MMJ's investment mandate MMJ is proposing, subject to shareholder approval at the AGM, to broaden its existing investment mandate.
MMJ Group Holdings Ltd (ASX:MMJ, OTC:MMJJF) has completed an investment of A$1 million in the unlisted Valo Therapeutics Oy, as part of a total pre-initial public offering (IPO) equity financing of around US$13 million. The Finland-based immunotherapy company that is developing antigen-coated oncolytic viruses and vaccine vectors as therapeutic vaccines against cancer and infectious diseases, is preparing for an IPO in 2022.
MMJ Group Holdings Ltd (ASX:MMJ, OTC:MMJJF) has increased its investment holding in unlisted Canadian cannabis company Weed Me Inc with the completion of a follow-on investment of C$1 million in the form of an unsecured convertible note. The extra funds are intended to support Weed Me's business plan rollout and position the company for a liquidity event (either public listing or sale of business).
MMJ Group Holdings Ltd (ASX:MMJ, OTC:MMJJF) is working towards broadening its investment mandate, removing a restriction that allows the company to invest only 25% of its total assets in non-cannabis companies. MMJ is also working to create as much value as possible from a planned exit of investment in Weed Me and potential liquidation of Southern Cannabis Holding assets.
MMJ Group Holdings Ltd (ASX:MMJ, OTC:MMJJF)'s portfolio companies continue to execute on their business plans and are in a better financial position than they were a year ago. The companies have secured funding and reduced costs to the point where burn rates are no longer a primary concern.
MMJ Group Holdings Ltd (ASX:MMJ, OTC:MMJJF) has given its tacit agreement to an offer from BevCanna Enterprises Inc to acquire its investee Embark Health. Embark Health is a Canada-based cannabis extraction business that has been making solid strategic business progress throughout 2021 as it eyes off a public listing, while BevCanna is a health & wellness beverage and natural products business listed on the Canadian Stock Exchange.
MMJ Group Holdings Ltd (ASX:MMJ, OTC:MMJJF) recently invested in Brainworks Foundry Inc, which is an integrated digital health and pathology company operating in the United States. Brainworks has designed a best-in-breed, highly scalable polymerase chain reaction (PCR) testing process, using DNA barcoding, which significantly reduces the cost and turnaround time of next-generation gene-sequencer analysis for COVID-19 samples.
MMJ Group Holdings Ltd recently invested in Brainworks Foundry Inc, which is an integrated digital health and pathology company operating in the United States. Brainworks has designed a best-in-breed, highly scalable polymerase chain reaction (PCR) testing process, using DNA barcoding, which significantly reduces the cost and turnaround time of next-generation gene-sequencer analysis for COVID-19 samples.
MMJ Group Holdings Ltd has completed a US$1 million investment in Brainworks Foundry Inc, an integrated digital health and pathology company operating in the United States. The investment was part of a pre-IPO equity financing of US$3.7 million to fund the expansion of Brainworks' Medio Labs laboratory testing operations in the US.
MMJ Group Holdings Ltd has kickstarted FY2022 with 'considerable' internal funding to make further investments aimed at increasing returns from capital growth as well as holdings in several portfolio companies that have the potential to realise latent returns. The company remains uniquely positioned in the Australian market as the only listed investment company offering investors the opportunity to invest in a diversified portfolio of unlisted and listed cannabis-related businesses in Australia and offshore.
MMJ Group Holdings Ltd (ASX:MMJ) has maintained its investment strategy in 2020 with company recycling capital raised from the sale of MediPharm Labs in 2018-2019 into investment opportunities provided by existing and new investees. Investments included existing investees such as Weed Me Inc and Embark Health Inc while new investees were added in Weed MC Inc, Sequoya Cannabis Ltd and Bespoke A Limited Partnership.
MMJ Group Holdings Ltd non-executive director Winton Willesee has again demonstrated his confidence in the global cannabis investment company through an on-market purchase. The latest increase comes just a week after Willesee increased his holding to 1,716,160 fully paid ordinary shares.
MMJ Group Holdings Ltd performed well in July with its net asset value declining just 1% (before provision of tax) in the month, far exceeding the benchmark of 11% over the same period. Over the 12 months to July 31, 2021, MMJ's investment return is a positive 12%, while its total portfolio stands at A$38 million.
MMJ Group Holdings Ltd (ASX:MMJ) non-executive director Winton Willesee has increased his number of shares in the global cannabis investment company. Willesee has increased his holding in a series of on-market acquisitions last week to 1,716,160 fully paid ordinary shares.
After a pivotal 2020, cannabis legal sales across the U.S. hit record-breaking numbers of $17.5 billion in adult-use and medical cannabis. Additionally, increased talks about extending legalization frameworks in emerging markets worldwide have made investing in the future of cannabis promising.
MMJ Group Holdings Ltd (ASX:MMJ) (OTCMKTS:MMJF) expects physical retail sales of cannabis to tick higher along with continued robust online sales, as economies move out of lockdowns. Lockdowns were a boon for cannabis sales as people stuck at home were seeking entertainment options, but the lockdown orders meant bricks-and-mortar retail outlets could not service their maximum number of customers.
MMJ Group Holdings Ltd (ASX:MMJ) (OTCMKTS:MMJF) is looking forward to a return to “normal” in the late summer and early fall as COVID-19 winds its way down in North America. COVID-19 has impacted different businesses in different ways – for travel and tourism it has been a curse, but for video games and online shopping it has been a boon.
MMJ Group Holdings Ltd (ASX:MMJ) (OTCMKTS:MMJF) Canadian investee Embark Health announced a number of updates on the progress in executing its business plan during April 2021. These include the successful completion of: First product shipment to the Ontario Cannabis Store (OCS) with The Hank Co.
MMJ Group Holdings Ltd (ASX:MMJ) (OTCMKTS:MMJF) Canadian investee Embark Delta Inc, a wholly-owned subsidiary of Embark Health, has completed its second shipment of products to the British Columbia Liquor Distribution Branch (BCLDB) with Distilled + Infused liquid beverage shots. Distilled + Infused is Embark's inaugural product offering in the beverage category with the suite of products produced through Embark Nano's ground-breaking technology.