MYM Proceeds With the Development of 400 Hectares of Outdoor Medical Cannabis Cultivation in Australia
VANCOUVER, British Columbia, Feb. 21, 2019 /PRNewswire/ -- MYM Nutraceuticals Inc., (CSE: MYM) (OTCBB: MYMMF) ("MYM" or "The Company") is pleased to announce it has established MYM Australia Pty Ltd. in the Asia Pacific, with a head office on the Gold Coast, Queensland, Australia ("MYM Australia"). The first phase will be the outdoor cultivation of 50 hectares of medical cannabis in Henty, New South Wales with the balance of 350 hectares being developed on the adjacent land over the coming years.
MYM and Sunmark Growth have amended the partnership announced on November 16, 2018 and have agreed to create MYM Australia, a wholly owned subsidiary of MYM Nutraceuticals. Mr. Fabian Szatmary, former principal of Sunmark Growth, will lead MYM Australia on the continent under the title "Vice President and Territory Manager". In his role, Mr. Szatmary will originate and manage all MYM's interests in the Asia Pacific region. Mr. Szatmary has an extensive legal background and substantial agricultural experience, having developed joint venture partnerships and collaborations with leaders internationally in areas of agriculture, soil science, greenhouse technology, soil regeneration and sustainable waste processing. "I am thrilled at the opportunity to join MYM Nutraceuticals as it looks to expand its presence globally," said Fabian Szatmary. "The challenge of helping to advance a new and developing industry within the Asia Pacific, an industry which has already demonstrated results in addressing an increasing number of major health issues, is one in which I look forward too."
MYM Australia's first project will be a partnership with CPRSX Holdings whose principals, including the Muller family, have extensive farming experience and currently manage over 5000 hectares of farmland. MYM Australia will own 75% and CPRSX will own 25% of the project respectively.
The Muller family are excited for the opportunity to partner with MYM Australia and to transform their property into one of the largest licensed outdoor medical cannabis cultivation facilities in Australia. "We are excited to be partnering with MYM Nutraceuticals in this new endeavour for the Australian agricultural industry and our community of Henty, NSW," said Fiona and Neil Muller. "This new partnership will provide training, educational and economic opportunities for our community, while bringing a positive spotlight to the benefits the medicinal cannabis industry can provide the Australian farming community."
The project will leverage Mr. Szatmary's agricultural innovations as well as the Muller family's legacy of 120 years of farming and agricultural experience. The Muller family are one of the most respected and accomplished farming families in the region.
"MYM kicks off 2019 with new leadership and new direction," said Howard Steinberg, CEO of MYM. "Establishing MYM Australia is what we expect to be the first of many projects in the Asia Pacific region."
Any agreement is subject to regulatory approval if applicable.
Australia is an emerging cannabis market, having legalized cannabis for medical use just two years ago. Earlier this year, the Government announced it will now permit the export of Australian manufactured medicinal cannabis products opening up the $55 billion global market. "Our goal is very clear, to give farmers and producers the best shot at being the world's number one exporter of medicinal cannabis," Health Minister Greg Hunt told reporters in Melbourne.
About MYM Nutraceuticals Inc.
MYM Nutraceuticals Inc. is an innovative company focused on the global growth of Cannabis and hemp. 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
Howard Steinberg, CEO
MYM Nutraceuticals Inc.
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