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MMJ Group to broaden investment portfolio beyond cannabis sector

MMJ has expanded the mandate of its investment manager, Parallax Ventures, to include additional investments made under a new amended diversification agreement.

MMJ Group Holdings Ltd - MMJ Group Holdings approves proposal to broaden investment portfolio
MMJ investment manager Embark Ventures has changed its name to Parallax Ventures

MMJ Group Holdings Ltd (ASX:MMJ) OTCMKTS:MMJFF) (FRA:2P9) will broaden its existing investment mandate to include strategic investments in sectors outside cannabis as approved at the company's annual general meeting held in November 2020.

These sectors include, but are not limited to natural resources, pharmaceuticals and software services technology, which will comprise no more than 25% of MMJ’s total consolidated assets at the time the investments are made.

Increased flexibility to create growth

The diversification provides MMJ with increased flexibility to create growth and greater returns for shareholders and thereby allows MMJ to lower its investment risk and reduce the impact of market volatility from the cannabis sector to ultimately benefit shareholders.

This month, the investment manager of MMJ’s investments, Embark Ventures Inc, changed its name to Parallax Ventures Inc.

Parallax has been engaged by MMJ in this role assets since June 1, 2019. There have been no other changes to personnel or operations of Parallax.

Under the amended investment manager agreement, Parallax continues to be responsible for the identification, transacting and review of possible investment opportunities in the cannabis and now the non-cannabis sector.

Portfolio of investments 

MMJ owns a portfolio of minority investments and was initially established to seek investments across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment, and retail. 

Quick facts: MMJ Group Holdings Ltd

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ASX:MMJ
Market: ASX
Market Cap: $27.59 m
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