MYM Nutraceuticals Inc., (CSE:MYM, OTCBB:MYMMF) (“MYM” or the “Company”) is pleased to provide a corporate update on the 2019 restructuring efforts and project updates.
Restructuring Efforts
The Company has been working diligently on its 2019 and 2020 strategic plan. The focus has been re-defined to consider the four areas below, although the Company will opportunistically pursue projects in the space that provide us with excess levels of return with limited risk. It is important to note that management has extensive experience in all aspects of seed to sale allowing us to pursue opportunities anywhere along the value chain.
Cultivation
The Company is positioning itself to become a Canadian leader in the production of oil derived from cannabis or hemp and globally distribute this oil both in bulk and through unique products it develops.
Extraction
The ability to extract oil from the biomass that is cultivated is a key component of the Company’s value and strategic direction.
Distribution
The Company believes it is in a prime position to take advantage of global distribution channels by having employees or relationships globally to sell various types of extracted oil and its own branded products.
Unique Brands
The Company has incorporated MYM International Brands Inc. (“Unique Brands”) to distribute cannabinoid derived products on a global basis. These include, but are not limited to, food and beverage, pharmaceuticals, and cosmetics.
The Company is currently evaluating opportunities to distribute its Unique Brands in Europe, Asia Pacific, Mexico, Colombia and the United States and is committed to only conducting business in jurisdictions where it is legal. The Company will only operate in foreign jurisdictions with the prior approval of the relevant regulatory bodies for such operations.
Recently, the Company was successful in arranging financing in the form of both debt and equity to support its 2019 and 2020 strategic plan.
Paul Cheetham (COO) is no longer with the Company. The Company thanks Mr. Cheetham for his support and wishes him well in his future endeavours.
Management has recently taken measures to lower expenditures through various efforts including staff reductions in non-core activities.
Project Updates
Colombia – further to the press release dated March 20, 2019, the Company has not yet completed its due diligence on Colombia Organica. The Company is finalizing its due diligence and will determine whether it will proceed sometime before the end of 2019. Either way the Company intends to use Colombia as a launching point for the global distribution of cannabis and hemp oils and the Company’s branded products.
Australia – further to the press release dated February 21, 2019, the Company will not be proceeding with cultivation in Australia and as a result has proceeded to dissolve MYM Australia Pty Ltd. The Company will continue to explore opportunities to distribute bulk oil and its Unique Brands in the region.
Laval (Sublime facility) – In September 2019, communications with Health Canada indicated that after addressing some minor updates, the application will be submitted for final approval.
Nevada – further to the press release dated March 7, 2019, the Company has determined that a significant amount of the Nevada crop has failed. Crop Infrastructure Corp. (“Crop”) has provided MYM with an amendment to the Production Agreement guaranteeing, through a secured promissory note, that the principal investment will be repaid.
Navajo – further to the press release dated April 25, 2019, the Company has decided not to proceed with the OneWorld transaction and will revisit the Navajo project for the 2020 growing season.
Weedon – further to the press release dated September 5, 2018, the Company has halted further development on the facility in Weedon and is currently exploring all options regarding the future of the project including, but not limited to, the sale or a joint venture to continue the development of the facility.
Dutch Passion – further to the press releases dated August 1, 2018 and September 26, 2018, due to the delay in receiving a cultivation license in Laval, the Dutch Passion Seed Company and MYM mutually agreed to terminate the agreements for production and distribution of Dutch Passion branded products and seed genetics.
About MYM Nutraceuticals Inc.
MYM Nutraceuticals Inc. is an innovative company focused on the global growth of Cannabis and CBD-rich hemp. 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 International Brands Inc. is dedicated to creating and distributing world-class CBD-rich consumer products around the globe. MYM shares trade in Canada, Germany and the United States under the following symbols: (CSE:MYM) (OTC:MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
ON BEHALF OF THE BOARD
Howard Steinberg, CEO
MYM Nutraceuticals Inc.
www.mym.ca
Investor Relations
investors@mym.ca
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 forward-looking statements in this news release are made as of the date of this release. The Company disclaims and does not undertake any intention or obligation to revise or update such statements, except as required by applicable law. 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 dated April 24, 2019 (the “MD&A”) and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
Forward-looking statements may include, without limitation, statements relating to, but not limited to, the Company’s ability to create or successfully market CBD products, the repayment of the Crop debt through the secured promissory note, or the ability to expand cultivation and distribution initiatives for cannabis and hemp globally or the acquisition of complementary businesses and assets in the technology, nutraceuticals and CBD sectors.
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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