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MMJ PhytoTech buys 12.6% stake in medical cannabis company

MMJ PhytoTech Ltd. acquired a 12.6% equity stake in Martha Jane Medical Ltd. through a A$600,000 investment.

Australia-based Martha Jane Medical is a privately held medical cannabis company that owns a medical cannabis license for research purposes.

MMJ Phytotech CEO Jason Conroy said the transaction is the company's first Australian medical cannabis investment.

Sydney-based MMJ Phytotech is a medical cannabis company engaged in the cultivation and distribution of cannabis locally and internationally.