Tags: Medicinal Marijuana, Mining, Research & Development
Vancouver, B.C. / TheNewswire / February 22, 2017 – MYM Nutraceuticals Inc. (CSE:MYM) (the "Company" or "MYM") is pleased to announce that it has completed its acquisition of a majority interest in Sublime Culture Inc. ("Sublime") and its inspection-stage application to become a Licensed Producer of medical cannabis. As announced on February 1, MYM will supply funding and resources to build out Sublime’s production facility in preparation for inspection by Health Canada.
Pursuant to a Share Exchange Agreement between MYM and Sublime’s two primary shareholders, in exchange for 250,000 Class A shares in the capital of Sublime, MYM issued 490,000 MYM shares to 9076484 Canada Inc., and in exchange for 260,000 Class A Sublime shares from CannaTechnology Inc., MYM issued 510,000 shares to that company. MYM now owns 51% of the outstanding shares of Sublime, and a commensurate 51% interest in the Licensed Producer application.
As announced earlier this month, this is a vital acquisition for MYM and its shareholders. Obtaining a production license under the Access to Cannabis for Medical Purposes Regulations will significantly accelerate the launch of the Company’s innovative brand of cannabis-infused nutraceutical products. MYM will also be able to leverage Sublime’s expertise and connections in Eastern Canada, as well as bring on key personnel to facilitate future growth.
A tour of the facility and other potential assets was conducted over the past weekend as the MYM team met with all the engineers, contractors and team members who will be responsible for running the facility once it is completed. Key benchmarks with respect to maximizing production space and the purchase of the property were established, and plans are now underway to stage the build-out of the entire building with the inclusion of a roof-top greenhouse that will maximize the total production canopy to 36,000 square feet. MYM management intends to pursue the purchase of the land and, upon successful inspection and issuance of a license, start the additional build-outs, thereby allowing the Company to own up to 90% of Sublime Culture Inc. and 100% of the production facility. This will allow MYM to meet the demands it expects from its ever-growing client patient list and create even more shareholder value.
Jonathan Fiteni, CEO, commented: "With the closing of this deal, MYM now possesses a majority interest in a late-stage Licensed Producer application. We are excited about working with Sublime to build out the facility in Laval and prepare for inspection. The opportunity in Quebec is much larger than we anticipated. Becoming a Licensed Producer will allow us to move aggressively on our plans to create exciting new products and engage potential patients who are currently using the dispensary model. Being able to fast-track our ability to produce quality cannabis products is a game-changer for us and our shareholders. I am very proud of our team for the countless hours spent searching for the right partner and the new talent that we expect will join our growing company."
MYM Nutraceuticals Inc. (CSE:MYM) is a public company trading on the Canadian Stock Exchange whose primary focus is developing high-end organic medicinal marijuana supplements and topical products. MYM also has an interest in the development of high-density farming facilities and technologies that allow MYM to expand its brand into the global market.
MYM has identified the potential market in providing extraction and processing services to large and independent ACMPR farming operations looking to produce high quality plant extracts using top quality C02 extraction equipment and customized formulations. Further to this business model is the ability to provide these services on-site via mobile convoy.
ON BEHALF OF THE BOARD
CEO and Director
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither the Canadian Securities Exchange (CSE or CNSX Markets), nor its Regulation Services Provider (as that term is defined in policies of the CSE), accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the "United States", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
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