VANCOUVER, British Columbia, Dec. 15, 2017 /CNW/ -- MYM Nutraceuticals Inc., (CSE: MYM) (CSE: MYM.CN) (OTC: MYMMF) (the "Company" or "MYM") is pleased to announce it has submitted the Confirmation of Readiness for a License under the Access to Cannabis for Medical Purposes Regulations (ACMPR) to Health Canada for the Sublime production facility in Laval, Quebec.
The Laval Facility – phase one of the Laval facility is 10,000 sf. Phase two, scheduled to be completed in 2018, will see the growing area expanded to 37,000 sf. This license will enable MYM to manufacture its branded medicinal THC and CBD products. The Laval project is estimated to produce gross sales of $27 million by 2019 with profit estimates of $17 million, based on current per gram prices of $8.50.
"We are delighted to have met our stated target deadline of December 15 for the submission of the Confirmation of Readiness for a License," said Rob Gietl, MYM CEO. "This submission is a key milestone for MYM and its partners, one of many more to come. We are looking forward to beginning production at the Laval facility and are committed to continuing to build value for the Province of Quebec and our shareholders."
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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SOURCE MYM Nutraceuticals Inc.