MMJ Group Holdings

Medical marijuana company Phytotech Medical is set to be the year’s first listing in Western Australia, after taking special steps to deal with last-minute legal concerns by the ASX and keen demand from investors.

A surge in the number of backdoor listings was one of the few positives on the stock market in 2014, and two new deals for technology companies show there is more to come.

Phytotech Medical founder Ross Smith has vowed to take legal action against investor chat room HotCopper, following his resignation from the medical marijuana company today.

Board changesNorthern Manganese has appointed its largest shareholder Garry Connell as chairman, to replace Douglas Daws who remains as a non-executive director. Mr Connell owns Connell Contractors. 

A planned backdoor listing by Perth technology business Cloud Lands Digital Fortress, which was established by prominent company promoter Ross Smith, has been cancelled.

Medical marijuana company Phytotech Medical has entered into an agreement to wholly acquire Canada-based MMJ Bioscience, in a deal worth about $20.7 million.

Oil and gas explorer Odin Energy has struck an agreement to acquire a local cannabis and hemp 'aggregator', making it the third WA-based listed company to explore the cannabis sector in recent months.

Former gold explorer International Goldfields has become the fourth Western Australian company to move into the cannabis industry, with the acquisition of Uruguayan business Winter Garden Biosciences.

A local oil and gas explorer led by Steinepreis Paganin partner Peter Wall has announced plans to acquire a digital technology company in a backdoor listing.

Perth-based medical cannabis company Phytotech Medical has completed its $20.7 million merger with Canada-based firm MMJ Bioscience and raised $4.8 million in an oversubscribed placement to sophisticated investors.

Gleneagle Gold will make a second attempt at a reverse takeover with plans to buy a local unlisted medical cannabis company in a deal worth about $8 million.

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

The developer of a gun safety device has become the fifth Israeli company in the technology or medical cannabis sectors to pursue a listing on the ASX through either an IPO or a reverse takeover of a moribund WA mining company.

Medical cannabis hopeful MGC Pharmaceuticals has upped its capital raising to $5 million after its initial $3.5 million raising closed oversubscribed.

Israel-based materials company Dotz Nano has joined the wave of tech firms from that country seeking to raise capital in Australia via a listing on the ASX.

MMJ Phytotech has announced plans to spin-out its medical cannabis-focused Canadian subsidiaries onto the TSX Venture Exchange through the reverse takeover of a resources company.

Local fintech CrowdfundUP tops this fortnight's Techboard ranking, having closed a $2.1 million capital raising led by Sydney-based Positive Investment Enterprise.

MMJ Phytotech has accepted a competing bid for the spin-out of its medical cannabis-focused Canadian subsidiaries onto the TSX Venture Exchange, with the new deal worth $C42 million ($A41 million).

Perth-based share registry business Automic Registry Services wants to double its market share this year after making a substantial investment in a new cloud-based platform.

The directors of medicinal cannabis companies Creso Pharma and AusCann Group Holdings have reaped windfall gains worth $13 million after the vesting of performance rights and performance shares.

Jason Conroy has been appointed chief executive of MMJ PhytoTech. He replaces Andreas Gedeon who has retired as managing director and chief executive in order to devote his attention to leading TSX-V-listed Harvest One Cannabis Inc.

Westgold Resources Limited is pleased to advise that completion of the sale of the South Kalgoorlie Operations (SKO) to Northern Star Resources Limited as announced on 8 March 2018 occurred on 29 March 2018. 

Thred has announced a capital raising by way of a fully-underwritten, non-renounceable pro-rata entitlement offer at an issue price of $0.004 per new share on the basis of one new share for every two existing shares held.

MMJ PhytoTech has invested CAD$0.15m for a 2.5% shareholding in privately-held Embark Health Inc as part of their CAD$1m seed funding round.