MMJ Phytotech Ltd share price climbs on Harvest One update

The MMJ Phytotech Ltd (ASX: MMJ) share price has put its recent declines behind it with a solid gain today.

In afternoon trade the pot stock is up 3% to 33 cents.

Why is it higher?

This morning the company provided an update on its Harvest One operations.

Harvest One is a Canada-based medicinal cannabis company which MMJ Phytotech holds a 60% interest in.

According to today’s release, Harvest One, through a wholly-owned subsidiary, has received a renewal of its Access to Cannabis for Medical Purposes Regulations cultivation license.

Furthermore, it has submitted an application to Health Canada to amend its license to allow for the sale and distribution of medical cannabis.

This positive news and its share price gain will be a welcome relief to shareholders. MMJ Phytotech’s share price has fallen almost 56% in the last three months.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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