Tickers: XCNQ:MYM, XOTC:MYMMF
Tags: Medicinal Marijuana
Vancouver, B.C. / TheNewswire / May 15, 2018 – MYM Nutraceuticals Inc., (CSE: MYM) (the "Company" or "MYM") is pleased to announce that the Company has acquired an additional 18% of CannaCanada and the Weedon, Quebec project from 9292-4372 Quebec Inc (the "seller"), bringing the Company’s total ownership of the late stage ACMPR applicant, up to 93%.
"MYM’s ownership in the Quebec Cannabis market continues to grow with the recently closed 93% stake in CannaCanada and the Weedon project," said Rob Gietl, CEO of MYM. "This is a material development for the future of MYM as the total square footage of the Weedon project is slated to be 1.5 million square feet."
The Company continues to position itself to benefit from the anticipated increase in licenses awarded to Quebec ACMPR applicants in the near term. The province has more than 20% of Canada’s population, yet only 5% of ACMPR approved licenses.
Construction of the Weedon, Quebec facility is now underway with the first set of greenhouses due to be completed and ready for Health Canada’s final review in Q3 of 2018.
Immediately issued to the seller are 300,000 MYM common shares. Upon acquiring a cultivation license for the facility, the Company will issue the seller 500,000 MYM common shares. Upon acquiring a sales and distribution license for the Facility, the company will issue to the seller one million MYM common shares.
Moving forward, MYM has retained the services of Cannabis Compliance Inc. to consult the Company on regulatory compliance and due diligence for all its ACMPR projects in Canada. "Joining forces with Cannabis Compliance as our consultant on file for all medicinal cannabis projects is the necessary solution to advance our applications in a timely manner," said Gietl. "Cannabis Compliance has an amazing track record in leading ACMPR applicants to the finish line. With their guidance, MYM intends on progressing full steam ahead into what will prove to be a very exciting 2018."
About Cannabis Compliance Inc.
Cannabis Compliance Inc. (CCI) offers risk mitigation, due diligence and regulatory compliance for commercial cannabis producers and resellers around the world. They focus on the Global market and provide their clients with trusted and comprehensive solutions. CCI has extensive expertise in regulatory compliance, cultivation/horticulture, security designs/tender, facility designs/build-outs, quality assurance, training programs, auditing, Good Production Practices (GPP), Good Manufacturing Practices (GMP), Good Agricultural and Collection Practices (GACP), Import & Export, staff recruitment and financial planning. CCI exists to empower the future leaders in the global cannabis industry.
About MYM Nutraceuticals Inc.
MYM Nutraceuticals Inc. is an innovative company focused on acquiring Health Canada licenses to produce and sell high-end organic medicinal cannabis supplements and topical products. MYM has two production projects in Quebec that when completed will have over 1.5 million sf of production space. MYM is also a partner in a 1.2 million sf production project (Northern Rivers Project) in New South Wales, Australia. Australia is an exciting new market that has recently legalized medicinal cannabis. To ensure a strong presence and growth potential within the industry, MYM is actively looking to acquire complementary businesses and assets in the technology, nutraceuticals and CBD sectors. MYM shares trade in Canada, Germany and the USA under the following symbols: (CSE: MYM) (OTC:MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
ON BEHALF OF THE BOARD
Rob Gietl, CEO
MYM Nutraceuticals Inc.
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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.
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