Shares in Jayex Healthcare Limited more than doubled after the medical software and devices company announced a deal with a private New Zealand medical cannabis startup, MediCann.
A short time ago, the shares were up 170% to $0.081.
The deal gives MediCann the exclusive use in New Zealand of Jayex’s P2U script processing technology and its BluePoint remote dispensing technology in connection with the sale and distribution of medical cannabis.
MediCann is an unlisted New Zealand public company, co-founded by New Zealander Ross Smith, said to be a global expert in medical cannabis.
The board of MediCann includes Dr Franz Strydon, a noted New Zealand medical practitioner and skin cancer specialist, as chairman, and Elizabeth Plant, a noted pharmacist in New Zealand, the former President of the NZ Pharmaceutical Society.
The MediCann business plan, once legislative changes go through, involves large scale commercial medical cannabis production in New Zealand, and the sale and distribution of approved products.
The Jayex deal commits MediCann commits to buying a minimum of five BluePoint kiosks/remote dispensing terminals for the sale and distribution of approved medical
cannabis products in New Zealand.
The expected sale price for the 5 machines is about $500,000, with additional fees for software and the prescription processing to be agreed.
Under the agreement, MediCann co-founder Ross Smith is hired Jayex as a global consultant to advise on the commercialisation of the P2U and BluePoint technologies for medical cannabis.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.