MYM Purchases Additional 23% of Laval, Quebec Production Facility, Retains Cannabis Compliance Inc. as Consultant on File
MYM Nutraceuticals Inc. (CSE:MYM) (the “Company” or “MYM”) is pleased to announce that the Company has acquired an additional 23% of the Laval, Quebec production facility from CannaTechnology (the “seller”), bringing total ownership of the late stage ACMPR applicant up to 74%. The Company also announces it has retained Cannabis Compliance Inc., the country’s leading experts in cannabis regulatory compliance, as the consultant on file for both Quebec projects and all other Health Canada licenses with respect to cannabis production, sale, and R&D.
“We are thrilled to obtain an additional 23% of the Laval facility, bringing MYM ownership up to 74%,” said Rob Gietl, CEO of MYM. “Construction on phase one of the facility is now complete and the ACMPR application is currently with Health Canada under final review.”
Immediately issued to the seller is 350,000 MYM common shares and 100,000 transferable warrants. Each warrant will entitle the holder to purchase one (1) MYM common share at an exercise price of $2.04 per share, being equal to the closing price of the MYM common shares on the Canadian Securities Exchange immediately prior to the date of this Agreement plus 20%. The warrants will become exercisable six (6) months after the date of issuance and will expire two (2) years after the date of issuance. Upon acquiring a cultivation license for the facility, MYM will issue the seller an additional 350,000 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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