VANCOUVER, Aug. 16, 2017 /CNW/ - At the request of IIROC, MYM Nutraceuticals Inc. (the "Company" or "MYM") wishes to retract the projected gross revenues in its news release of earlier today.
The Company also wants to clarify some language that may have led to the conclusion that construction on MYM's Laval production facility had not yet started. Phase One of the construction began earlier this summer with site preparation and the installation of security cameras and other non-structural items, but MYM was awaiting the granting of building permits to complete the majority of the build-out. The City of Laval has now issued those permits and MYM can complete Phase One. Together with Health Canada's recent change in regulations that increased the authorized capacity of the facility's vault by three times, the facility will be capable of producing 1000 kilograms of medical cannabis annually.
The estimated date of completion for Phase One construction is the fourth quarter of this year. MYM has engaged ICORE Construction, one of Québec's most reputable contractors, to oversee and execute the project. "With the approved permits, architectural drawings and security plans already in place, MYM expects to complete Phase One very quickly," said Rob Gietl, CEO of MYM. "We are also building within our existing warehouse, which accelerates our construction timeline by approximately 90 days."
Phase Two of the Laval project will consist of building an additional 16,000 square foot facility capable of producing 1800 kg of medical cannabis annually. Phase Two application permits will be ready for submission within 60 days, with an estimated construction completion date of the third quarter of 2018.
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. 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.
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 http://www.sedar.com .
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.
For further information: MYM Nutraceuticals Inc., +1-855-696-2261, http://www.mymarijuana.ca