MMJ PhytoTech shares rip higher on Canada's plans to legalise cannabis

Seedlings of marijuana plants at Tweed in Smith Falls, Ontario. Lars Hagberg/AFP/Getty Images

Shares in MMJ PhytoTech jumped after Canada confirmed plans to legalise recreational cannabis in 2018.

On the ASX a short time ago, MMJ PhytoTech shares were up 17% to $0.810.

MMJ PhytoTech is focused on becoming a large-scale cannabis producer, targeting direct supply to the Canadian medical and recreational markets.

The company announced today that its Australian distribution partner, HL Pharma, has approval from the Department of Health for a medicinal cannabis importation licence.

Shares in listed medical cannabis companies, and companies interested in getting into the area, have been soaring recently.

MGC Pharmaceuticals earlier this month raised $10 million at $0.065 a share to accelerate development of medical cannabis products and seek acquisitions. Its shares are trading at $0.082 today.

Auscann Group shares have gone from 21 cents to 91.5 cents today.

Stemcell United, which announced it was looking at medical cannabis opportunities, hit 32 cents, up from a low of 1.3 cents, after briefly hitting $1. Today it is trading at 21.5 cents.

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