This morning, MYM Nutraceuticals Inc. (CSE:MYM)(OTC:MYMMF) announced that the company has signed an agreement with the Municipality of Weedon, Québec to build a 1.5 million square foot grow facility. In this first-of-its-kind partnership, the municipality will be purchasing the 329 acres of land that the facility will sit on. Additionally, MYM has obtained full exclusivity regarding the development of cannabis or hemp-growing facilities within Weedon.
About the Facility
The facility will consist of fifteen separate 100,000 square foot greenhouses. Once the project is complete and licensed for cultivation it will have the potential of producing more than 150,000 kilograms of cannabis per year. Detailed plans for the initial portion of the facility (one 100,000 square foot greenhouse and a 20,000 square foot warehouse) are being prepared by the company's architects now.
On the licensing side, MYM has brought on Factotum Consultants (a company that has helped two other clients successfully obtain ACMPR licensing) to assist in the ACMPR application process. MYM plans to submit an application to Health Canada this Friday.
The agreement was signed by MYM's 75% owned subsidiary, CannaCanada Inc. Upon the completion of the project, MYM's ownership of CannaCanada is set to increase to 90%.
MYM's funding of the project will happen in stages based on the completion of various milestones. Initially, MYM will pay $75,000 CAD in cash and issue 250,000 shares to CannaCanada or its principals. In six months, MYM will issue another 250,000 shares. When the project's ACMPR application reaches the pre-license inspection stage, MYM will issue 500,000 more shares to CannaCanada. Upon receipt of a Health Canada license, MYM will issue 1,000,000 shares. A final 1,000,000 shares will be issued one year after Health Canada licensing.
"This is an important and significant deal for MYM and its shareholders," said Rob Gietl, MYM's CEO. "The sheer scope and exclusivity of this project will bring MYM global attention and propel the company into its next stage of growth. We have all of the architects, engineers, and consultants in place, and with the full support of the municipality of Weedon, we are moving ahead at an accelerated pace."
Yann Lafleur, the President of CannaCanada Inc. commented, "CannaCanada's bond with the municipality of Weedon, Quebec will create sustainability that will reflect on the entire industry of cannabis leading to incredible future projects involving many other aspects of the industry. MYM Nutraceuticals will supply us with the necessary resources and tools in order to establish this deed and transmit this heritage. Creating an alliance with MYM Nutraceuticals enables our enterprise to expand into the U.S. and European territories in order to spread this wealth of information and experience for generations to come. MYM Nutraceuticals and their entire team will be a divine asset to establishing a patrimony of cannabis in this country. Our joined network of leading cannabis experts will pave the way to the continuity of results, remaining leaders in this new industry."
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