MYM Nutraceuticals Inc., (MYM.CN) (MYM.CN) (MYMMF) (“MYM” or “The Company”) is pleased to announce that the Company has finalized the acquisition of 50% of BioHemp Naturals (“BioHemp”), a licensed hemp cultivator in the business of cultivating and distributing CBD-rich hemp biomass to licensed producers in Canada. BioHemp co-founder, Len Atkinson, has joined the MYM management team as Global Hemp Project Manager.
BioHemp’s founder has been growing hemp since 2015 and developed unique harvesting methods and standard operating procedures which meet all Health Canada testing requirements for hemp. BioHemp is expanding its hemp operations to cultivate 450 acres this 2019 season. Working with BioHemp, MYM is hoping to expand cultivation to 3,000 acres of CBD-rich hemp for the 2020 grow season. To date, MYM and BioHemp have both purchase agreements and LOI’s in place for the sale of CBD-rich biomass totaling over $33 million.
“Finalizing the acquisition of 50% of BioHemp Naturals and engaging Mr. Atkinson as MYM’s Global Hemp Project Manager is another positive move in the restructuring of MYM to become a global player in the cultivation, extraction, and distribution of CBD-rich hemp,” said Howard Steinberg, CEO of MYM.
In exchange for 50% of BioHemp Naturals, MYM will pay a total of $2.5 million cash and 6,000,000 common shares in the capital of MYM.
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Date: August 05, 2019
Source: Yahoo