VANCOUVER, British Columbia, Jan. 24, 2018 /PRNewswire/ --
In response to recent news out of the United States Department of Justice regarding federal cannabis laws in the United States, MYM Nutraceuticals Inc., (CSE: MYM) (OTCBB: MYMMF) ("MYM") wishes to reinforce its commitment to growing and conducting business only in jurisdictions where that conduct is federally legal and otherwise in full compliance with all applicable laws in place.
MYM does not currently have any operations in the United States and will not engage in that country unless significant changes to the federal laws regarding cannabis are made. This stance is to protect the company and its shareholders.
MYM Nutraceuticals is an international company, with operations in Australia, Canada, and most recently seeking operations in Colombia. We are pleased with our progress on each of our global operations and the prospects they bring.
Because our operations hold significant potential, and are in favorable business jurisdictions, MYM is privileged to have options when it comes to financing our current and future projects and operations. We are currently exploring all options that bring the least amount of dilution to our shareholders.
As an unintended benefit of not conducting operations in the United States, MYM has been presented with multiple options from financiers looking for safe havens for their investments. However, we continue to build business relationships throughout the United States in anticipation of any changes that lead to the opening of the country for business. Should those changes be made, MYM is ready and prepared to initiate legal operations in the USA.
MYM Nutraceuticals and its subsidiary, Sublime Culture Inc., were pleased with the December 15th, 2018 completion of Phase One of construction on the Sublime facility in Laval, Québec. Upon this completion, MYM submitted the required Confirmation of Readiness for a License under the Access to Cannabis for Medical Purposes Regulations (ACMPR) to Health Canada for the facility.
MYM further bolstered the facility's breeding capabilities by contracting the services of Master Breeder Sasha Przytyk. Going forward, Mr. Pryztyk will be responsible for developing a comprehensive cannabis seed breeding and production program for Sublime Culture and MYM. Master Breeder Sasha Przytyk specializes in improving and enhancing the genetics of cannabis strains. These improvements include more production, faster growing, higher or lower levels of THC, improved terpenes, climate resistance and many other positive improvements. My Przytyk will also be responsible for the creation of MYM's own proprietary genetic strains and seeds.
We are confident in our selection of the province of Québec for our flagship project at Weedon, Québec, and for the Laval facility. We have received significant support from local governments, and assurances that our facilities will be welcome in the province going forward.
Recently, the province-owned power provider Hydro-Québec extended its preferential electricity rates for cannabis producers, giving us and other cannabis firms an advantage over other provinces, and making Québec a very desirable place to do business.
Whether it be on our newly completed Laval facility of 10,000 sf, or on our massive 1.5 million sf project in Weedon, Québec, we see the province as a very friendly jurisdiction for our business model going forward.
NEW SOUTH WALES, AUSTRALIA
MYM, along with its partners, maintain that Australia is an exciting new market, having recently legalized medicinal cannabis. Much like our 1.5 million sf facility in Weedon, Québec, our joint-venture Solaris facility will also be massive, at a projected 1.2 million sf in growing space.
Australia has recently announced that as of February 2018, the country will begin to allow the worldwide export of cannabis-based treatments such as oils, patches, sprays, lozenges, and tablets.
With our partners, we formed the joint venture company, Solaris Nutraceuticals. Together, Solaris is currently in the assessment phase of the licensing process to build the 1.2 million sf greenhouse facility, which will be the largest cannabis production facility in Australia. We expect that export of cannabis products from Australia will be big business and could possibly outpace domestic sales.
In continuity with our global strategy, MYM recently signed a MOU with NEWCANNA S.A.S., a leading Colombian medical cannabis company to form a new joint-venture company. We saw this is as a massive opportunity for large-scale commercial cannabis cultivation and transformation of cannabis and hemp for medical, scientific and industrial purposes and export to global markets.
NEWCANNA brings with it agreements that represent a total of 7,400 acres of cultivation property. Growers over those properties have the capacity to be producing high-grade cannabis at low cost, for processing and export worldwide.
In partnership with the indigenous farmers of Colombia, NEWCANNA projects a substantial opportunity to increase the current output of cannabis. The high mountains of Colombia provide a perfect climate to cultivate cannabis and allow production costs to be a fraction of what it costs to produce in Canada.
The biggest value-added proposition of the deal is in the cultivation and transformation of raw materials into medicinal oils, tinctures and a variety of products.
Much like our projects in Québec and Australia, the Colombian plan also includes a significant commitment to research and development for new products and enhancements to our lines.
BRANDING AND MARKETING
Beyond our growing facilities in Australia, Canada, and Colombia, MYM has maintained growth through our brands and other properties.
We recently acquired Budly, an Uber-like delivery system for cannabis, which is a smartphone-enabled sales and distribution system connecting medical cannabis patients with local dispensary drivers for fast delivery and monitoring of orders. We believe that distribution will be a significant aspect of the cannabis market upon official legalization, and we were pleased to acquire a leading player in that section of the market.
Next, we've been quite pleased with our acquisition of the Joshua Tree brand, which we acquired last spring. Since becoming part of the MYM asset portfolio, Joshua Tree has enjoyed sales increases of 850% in just 10 months.
As we move forward with our facilities in Australia, Canada, and Colombia, we anticipate many more strains, products, and brands to come for MYM.
To reiterate, MYM does not and will not conduct business in any jurisdiction unless it is federally permissible. Conducting activities which are federally illegal or investing in companies which do, would expose our company to increased risk of prosecution and/or delisting from exchanges. Such activities would also compromise MYM's ability to operate freely and could jeopardize our listing eligibility on major securities exchanges now and in the future, and limit access to capital from reputable US-based funds and world-class partners.
"Because of our independence from the US market, we have received an array of options from international funds, including from the United States. There is an appetite for investment in our sector that gives us confidence we have will see each of our large projects through to fruition," said Rob Gietl, CEO of MYM. "We will fully vet each of our options, and select only those that will minimize or eliminate any dilution for our shareholders."
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).
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 http://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.
ON BEHALF OF THE BOARD
Rob Gietl, CEO
MYM Nutraceuticals Inc
Keep up to date with MYM on our social media channels
SOURCE MYM Nutraceuticals Inc.