Australian medical marijuana merger
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PhytoTech Medical and MMJ Bioscience have joined forces to become the first Australian-listed medical marijuana company to control pharmaceutical hemp from farm to pharmacy counter.
The re-branded MMJ PhytoTech will control the complete supply chain from cultivation to distribution after Phytotech raised $4.8 million to buy MMJ Bioscience.
MMJ PhytoTech chief executive Andreas Gedeon said the merger made the company one of the only serious players in the medical marijuana market.
"If you don't own the supply chain the company can't exist because you can't buy the cannabinoil compounds, it has to be sourced from plants," he said.
The company will cultivate marijuana plants at its Canadian subsidiary, United Greeneries, with the aim of exporting extracted compounds to MMJ PhytoTech's Swiss operation where it will be sold in pill form.
PhytoTech is one of the...
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