VANCOUVER, British Columbia, July 30, 2019 /CNW/ -- MYM Nutraceuticals Inc., (CSE: MYM) (CSE: MYM.CN) (OTCBB: MYMMF) ("MYM" or "The Company") is pleased to announce that the Company has finalized the acquisition of 50% of BioHemp Naturals ("BioHemp"), a licensed hemp cultivator in the business of cultivating and distributing CBD-rich hemp biomass to licensed producers in Canada. BioHemp co-founder, Len Atkinson, has joined the MYM management team as Global Hemp Project Manager.
BioHemp's founder has been growing hemp since 2015 and developed unique harvesting methods and standard operating procedures which meet all Health Canada testing requirements for hemp. BioHemp is expanding its hemp operations to cultivate 450 acres this 2019 season. Working with BioHemp, MYM is hoping to expand cultivation to 3,000 acres of CBD-rich hemp for the 2020 grow season. To date, MYM and BioHemp have both purchase agreements and LOI's in place for the sale of CBD-rich biomass totaling over $33 million.
"Finalizing the acquisition of 50% of BioHemp Naturals and engaging Mr. Atkinson as MYM's Global Hemp Project Manager is another positive move in the restructuring of MYM to become a global player in the cultivation, extraction, and distribution of CBD-rich hemp," said Howard Steinberg, CEO of MYM.
In exchange for 50% of BioHemp Naturals, MYM will pay a total of $2.5 million cash and 6,000,000 common shares in the capital of MYM.
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 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.
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 the Company's ability to expand the size and acreage of its hemp operations and cultivation (450 acres in 2019 and up to 3,000 acres for the 2020 grow season), whether the Company is able to finalize agreements amounting to $33 million in sales, its ability to expand cultivation and distribution initiatives for hemp 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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SOURCE MYM Nutraceuticals Inc.