MMJ Phytotech has made reportedly made investments worth CAD 1 million (around AUD 1.02 million) in Fire & Flower Inc., a major cannabis retail firm headquartered in Canada. The strategic move has resulted in MMJ receiving 1.25 million shares from Fire & Flower at nearly 80 Canadian cents per share, thereby acquiring a paltry stake in the firm. If sources are to be believed, Canadian authorities are likely to legalize the use of medical marijuana for recreational purposes.
For the record, in April last year, the Canadian administration introduced a law pertaining to the authorization & regulation of medical marijuana application by the end of 2018. Reportedly, it was this government decision that prompted the Canadian medical marijuana retailer to decide on the launch of nearly thirty-seven retail stores in the province of Alberta. Some of the key officials of Fire & Flower have claimed that the firm specializes in improving the quality of medical marijuana products via its empirical strategies along with education-based schemes.
It has been speculated that on receiving the approval from the provincial authorities, Fire & Flower is planning to introduce retail stores across Calgary, Fort McMurray, Edmonton, Canmore, Grande Prairie, and Red Deer in Alberta.
Incidentally, MMJ Phytotech is already reputed for having made huge investments in myriad cannabis-associated businesses such as cultivation, healthcare products, infrastructure, processing, and technology. The Australian firm has also funded Canadian firm Harvest One Cannabis Inc., an early mover into the global cannabis business, with an aim to capture a substantially large share across the Canada Cannabis market.
Jason Conroy, the CEO of MMJ, has stated that the firm’s investment in Fire & Flower along with the latter’s efficient management group will assist MMJ in further expanding its portfolio post the legalization of cannabis by the federal authorities of Canada.