MMJ finds support for Australia push
MMJ PhytoTech (ASX:MMJ) has taken the next step towards being an established medical cannabis player in Australia, clinching two partnerships to help facilitate the move – focused on lobbying and setting up a retail network.
MMJ told its shareholders in a note this morning that it had signed two letters of intent, with Fresh Therapeutics Compounding Pharmacy and Epilepsy Action Australia respectively.
The former will be aimed at developing a model to import and sell MMJ’s existing products, which are legal under the current regulatory environment.
The deal will initially centre around MMJ’s Gelpell gastro-resistant microgel cannabidiol oral capsules.
Developed as a dietary supplement initially for the European market, phase one trials indicated that there was higher bioavailability of the drug’s active ingredients against an oral spray developed by GW Pharmaceuticals.
MMJ said the deal, should it come to full fruition, would generate immediate cashflow within the current regulatory framework while setting up a sales network should legislation change around MMJ’s other medicinal cannabis products.
Elsewhere, it will have a partner on the lobbying front – with it signing a letter of intent with Epilepsy Action Australia.
While MMJ said it would continue to lobby on its own, it would work with the body to advance the availability, access, and acceptance of medicinal cannabis in Australia through research, advocacy, and education.
Epilepsy Action Australia CEO Carol Ireland said MMJ and the body had identical goals – mainly increasing the availability of effective treatment options for those suffering from epilepsy.
“Given the enormous potential of medicinal cannabis treatment options for people with epilepsy, we are delighted to partner with a company as progressive as MMJ,” she said.
“Their pioneering work in alternative delivery systems of medical cannabis is a logical fit for us and we are looking forward to collaborating and progress the development of effective treatments in a space where they are currently so limited.”