Why did these two ASX stocks witness a price rally – MMJ Phytotech Ltd and Perseus Mining Ltd?
Expanding European Distribution network: MMJ Phytotech Ltd (ASX: MMJ) stock surged over 57.89% on March 13, 2017 driven by the group’s efforts of European expansion. The group’s Switzerland-based subsidiary, Satipharm AG got Pharmaceutical Central Numbers (PZN codes) for its 10mg and 50mg Gelpell-CBD Microgel Capsules. With this, both products would be sold in all pharmacies throughout Germany. Moreover, MMJ Phytotech’s online distribution partner, German Bodfeld Pharmacy, has begun the shipping of Satipharm’s cannabidiol extract products to regulated markets globally, boosting their capacity to rapidly scale up product sales. Satipharm also made a binding Letter of Intent (“LOI”) with a leading pharmaceutical distributor and retailer in Denmark for distributing Satipharm’s products throughout Scandinavia. MMJ Phytotech is focusing on marketing across major European markets including Denmark, Germany, Norway, Sweden and Finland, to boost their sales in the coming 6-12 months. On the other hand, Macquarie Group Ltd (MQG) has ceased to be a substantial holder of MMJ’s securities.
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