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Australia's MMJ PhytoTech divests stake in Cannabis Wheaton, eSense-Lab

Australia's MMJ PhytoTech Ltd said it divested its stake in Toronto-based Cannabis Wheaton Income Corp. and Israel-based eSense-Lab Ltd.

MMJ sold all of its common shares and warrants of Cannabis Wheaton for C$5.6 million, and all its ordinary shares of eSense for A$200,000. Both figures are net of brokerage.

The divestments are in line with the company's strategy to recycle capital to provide cash for further investments in the global cannabis sector, said MMJ CEO Jason Conroy.

As a result of the transactions, the Sydney-based medical cannabis company's current unaudited corporate cash position will increase to about A$8.1 million.