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PhytoTech Medical Limited (ASX:PYL) MMJ Passes Critical Milestone in MMPR Licensing Process

Submitted by Marijuana News on Fri, 04/10/2015 - 17:21

Perth, April 9, 2015 AEST (ABN Newswire) - PhytoTech Medical Limited (ASX:PYL) is pleased to report that MMJ has received from Health Canada a "confirmation of readiness letter" that precedes the scheduling of a pre-licensing inspection. 

Highlights

- MMJ Bioscience Inc. ("MMJ") receives pre-inspection readiness request from Health Canada for its Duncan facility that traditionally precedes the scheduling of a pre-licence.

- There are currently only 22 companies holding facilities licensed to produce medical cannabis ("MC") in Canada under the MMPR, with MMJ-PYL on track to become one of the next.

- Confidence in estimates of MC revenues greatly enhanced, expected timeline shortened

- PhytoTech Medical Limited to invest CDN$275,000 in MMJ and, subject to conditions, advance a loan to MMJ of up to A$1,000,000 to fast track both Cannabidiol ("CBD") pill sales in Europe and the grant of a MMPR licence to MMJ's Canadian...

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URL: 
http://www.abnnewswire.net/press/en/79710/PhytoTech_Medical_Limited_(ASX:PYL)_MMJ_Passes_Critical_Milestone_in_MMPR_Licensing_Process.html

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