VANCOUVER, British Columbia, Aug. 6, 2019 /CNW/ -- MYM Nutraceuticals Inc., (CSE: MYM.CN) (CSE: MYM) (OTCBB: MYMMF) ("MYM Nutraceuticals" or the "Company") is pleased to announce the incorporation of MYM International Brands Inc. ("MYM International Brands") to focus on the growing global demand for CBD-rich consumer products.
The passing of the Farm Bill in 2018 allowed for the cultivation of CBD-rich hemp in the United States. Since becoming law, the global demand for CBD-rich consumer products has been increasing at a rapid pace. The Brightfield Group estimates the U.S. CBD product market alone to be worth over $23 billion by 2023. CBD is increasingly being included into a wide variety of consumer product categories including: food and beverage, pharmaceuticals, cosmetics, and health and wellnesss. Expectations of this trend are expected to continue as research evolves and more countries join the ranks of hemp legalization.
"As global cultivators of CBD-rich hemp, we have the expertise and network to expand our business into CBD consumer products," said Howard Steinberg, CEO of MYM. "Erick Factor is well suited to lead this crtically important initiave of MYM and as such will be the Chairman and CEO of International Brands. Given its importance to the organization, Erick will solely focus his efforts on this initiative and has decided to resign from MYM Nutracueticals Board".
"Five years ago, I founded MYM Nutraceuticals with the goal of creating a fully integrated, seed to sale, global cannabis company. Now with offices in six countries and growing, we're in a position to create a new revenue stream with unique brands. To this end, I'm extremely excited to launch MYM International Brands at a time when CBD-rich consumer products are still in their infancy", said Erick Factor, CEO of MYM International Brands. "The team has a tremendous opportunity ahead of us to become global leaders in a burgeoning new consumer products sector. We're eager to hit the ground running and confident our new division can add value to MYM shareholders".
Howard Steinberg, CEO of MYM will take over as Chairman of MYM Nutraceuticals.
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 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.
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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 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 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; the expected demand for CBD-rich products; the expected increase of the U.S. CBD product market and its size by 2023;the inclusion of CBD into a wide variety of products; the continuance of this trend; legalization of hemp in countries other than the United States; and the Company's ability to create value for shareholders and to meet the challenges of product research and development, branding, and distribution or to create new revenue streams.
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.
SOURCE MYM Nutraceuticals Inc.