VANCOUVER, British Columbia, March 7, 2019 /CNW/ -- MYM Nutraceuticals Inc., (CSE: MYM) (CSE: MYM.CN) (OTCBB: MYMMF) ("MYM" or "The Company") is pleased to announce it has entered into an agreement with Elite Ventures Group ("Elite") to grow 120 acres of CBD-rich hemp in Nevada, USA.
Under the agreement, MYM will fund Elite with $500,000 USD in exchange for the rights to 50% of CBD rich hemp grown on a 120 acre parcel of land in Nevada. In consideration for the investment, Elite will provide all the necessary capital and consumable supplies, plant, grow and harvest the hemp. If requested, Elite will also arrange for the processing and sale of the biomass at no less favourable terms than those found in the Elite supply agreements.
Based on Elite's previous success in cultivating 120 acres of similarly situated land in August 2018, the estimated production of hemp from the MYM parcel of land is 120,000 pounds per harvest with a CBD level of 10%-19%. This represents potential revenue of over $26 million, of which MYM is entitled to 50% less processing and sales fees.
"We are delighted to have entered into this agreement with Elite Ventures," said Howard Steinberg, CEO of MYM. "This agreement signals an important step forward in our plan to be a significant cultivator of hemp to satisfy the increasing demand of biomass and CBD worldwide."
About MYM Nutraceuticals Inc.
MYM Nutraceuticals Inc. is an innovative company focused on the global growth of cannabis and 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 USA 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 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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SOURCE MYM Nutraceuticals Inc.