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MMJ will use the funds raised to accelerate its entry into the Australian market, now that legislation has passed for the legalisation of cannabis for medical purposes in the country.

Medical marijuana firm raises funds

Medical marijuana company MMJ Phytotech has tapped investors for a $5 million capital raising to fund its entry into the Australian market.

MMJ raised the funds through the placement of 20.8 million shares at 24 cents each, representing a 20 per cent discount to its 20-day volume weighted average price, along with attaching options.

The funds were raised by institutional investors of MMJ’s corporate adviser, Merchant Group Corporate Finance.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 30/11/17

1 year TSR5 year TSR
44thDigitalX364%-5%
108thMMJ Phytotech132%0%
351stePAT Technologies18%-28%
476thQueste Communications0%-12%
593rdDroneShield-21%0%
727 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

11/10/16
$23k Bought
08/07/16
$0 Bought
08/07/16
$0 Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

186th↓DroneShield$89k
187th↓DigitalX$87k
188th↓MMJ Phytotech$76k
189th↓Queste Communications$76k
190th-ePAT Technologies$74k
231 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from MMJ Phytotech

436thAndreas Gedeon$316k
639thJason Bednar$219k
999thWinton Willesee$106k
Ranked by total remuneration from all listed WA companies

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