VANCOUVER, British Columbia, Jan. 22, 2018 /PRNewswire/ -- MYM Nutraceuticals Inc., (CSE:MYM) (OTC:MYMMF) ("MYM") is pleased to announce it has signed a Memorandum of Understanding (MoU) with NEWCANNA S.A.S., a leading Colombian medical cannabis company.
MYM and NEWCANNA are proposing a joint venture or partnership agreement in which they would form a new, jointly owned company in Colombia. This partnership would focus on the large-scale commercial cultivation and transformation of cannabis and hemp for medical, scientific and industrial purposes and export to worldwide markets.
NEWCANNA has agreements in place with multiple indigenous communities in Colombia totaling over 400 families (approx. 1,400 people) that control 7,400 acres of cultivation property. In 2018 the indigenous growers have the capacity to be producing approximately 217,500 kg of high-grade cannabis for processing and export worldwide. With planned production expansion with the indigenous growers, NEWCANNA's production is expected to be over 1,000,000 kg of cannabis in a year or two. The high mountains of Colombia provide a perfect climate to cultivate cannabis and allow production costs to be a fraction of what it costs to produce in Canada.
MYM and NEWCANNA are also proposing that, along with the cultivation and transformation of raw materials into medicinal oils, tinctures and a variety of products, they also construct a research and development laboratory for the design and creation of new products, in-house analysis and testing, and the refinement of new and unique delivery systems.
In the last year, NEWCANNA has consolidated vast properties of land that are ideal for the cultivation of cannabis and hemp throughout different regions of Colombia. NEWCANNA has formed valuable alliances with multiple indigenous communities within Colombia and has a large workforce of eager participants for all planned organic cultivation projects.
"This is a tremendous opportunity and another big step towards MYM's stated goal of becoming a global cannabis player," said Rob Gietl, CEO of MYM. "NEWCANNA has the infrastructure in place to dominate the Colombian cannabis markets both domestically and for exportation to the rest of the world. NEWCANNA's commitment to working with the indigenous population of Colombia satisfies MYM's position to work with local communities and provides economic benefits to local inhabitants."
Under the MoU, NEWCANNA will supply the land, the workforce, and all the applicable licenses needed for the new company to move forward and operate legally under the newly established laws in Colombia. The new company will have the opportunity to become part of the NEWCANNA HUB, a group of unique companies dedicated to the research, education and sustainability for the commercial future of cannabis in Colombia. The members and alliances of the HUB come from a wide variety of backgrounds surrounding the legalities of cultivation, production, transformation, and the ongoing studies of cannabis, cannabinoids, and the endocannabinoid system in humans and animals.
MYM has retained the Colombian law firm Dentons Cardenas & Cardenas Abogados Ltda. to represent MYM's interests in Colombia moving ahead with the NEWCANNA MoU. There can be no assurance that the transaction contemplated by the MoU will be successfully completed. See the cautionary note regarding forward-looking statements below.
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 Québec that when completed will have over 1.5 million square feet of production space. MYM is also a partner in a 1.2 million square-foot production project (the 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.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results, including with respect to the MoU and the transaction contemplated thereby (the "Transaction") and the Company's plans, objectives and expected outcomes. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: definitive Transaction agreements will be entered into and the Transaction will proceed and be completed as planned, the expected benefits from the Transaction will be achieved and required regulatory approvals will be obtained. These forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others and in addition to those described elsewhere in this release, inability to obtain regulatory approvals of the Transaction, inability to complete the Transaction on the proposed terms or at all, that the Transaction, if completed, will not result in the expected benefits to the Company, inability to achieve desired outcomes and delays in obtaining or inability to obtain required government or other regulatory approvals. The Company disclaims any intention or obligation to revise or update such statements, except as required by applicable securities legislation. 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.
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.