VANCOUVER, British Columbia, July 2, 2019 /CNW/ -- MYM Nutraceuticals Inc., (CSE: MYM) (OTCBB: MYMMF) ("MYM" or "The Company") is pleased to announce its subsidiary in Colombia, Colombia Organica S.A.S ("Colombia Organica"), has signed agreements in principle to cultivate both THC and CBD-rich cannabis with independent farmers for an initial five acres.
Cannabis will be cultivated by farmers who will be licensees under the existing Colombia Organica cannabis cultivation licenses. The first crops cultivated on the initial five acres will function as test crops with the intention to add subsequent acreage. The climate in Colombia is ideal for cultivating cannabis, with the growing season being year-round it's possible to harvest three crops of THC or CBD-rich cannabis annually.
"Our team in Colombia has begun to execute on our plan to cultivate both THC and CBD-rich cannabis in South America," said Howard Steinberg, CEO of MYM. "The strategy of extending our licenses to neighbouring farmers to cultivate cannabis will serve to increase our biomass supply that we intend on processing and exporting to the global market."
Colombia Organica is committed to extending its licenses to the independent farmers for an initial period of five years. The farmers will be responsible for all costs associtated with cultivation from seed to sale. Colombia Organica agrees to purchase the harvested biomass at a price to be determined at the time of delivery based on the average market price at that time.
MYM is currently finalizing the closing documents that will see its own 80% of Colombia Organica.
About Colombia Organica
Colombia Organica is a Colombian company with expertise in the manufacture of pharmaceutical products, medicinal chemical substances and botanical products. Colombia Organica currently holds 4 licenses which include: production of THC cannabis derivatives, seed production, cultivation of psychoactive cannabis, and cultivation of non-psychoactive cannabis, including exportation. Colombia Organica has selected for production high quality plants which are suited to the unique high altitude, equatorial regions of Antioquia, Colombia.
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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SOURCE MYM Nutraceuticals Inc.