MYM Increases Stake in Colombia Organica to 80%
VANCOUVER, British Columbia, March 20, 2019 /PRNewswire/ -- MYM Nutraceuticals Inc., (CSE: MYM) (OTCBB: MYMMF) (CSE: MYM.CN) (MYM.CN) ("MYM" or "The Company") is pleased to announce that it has increased its stake in Colombia Organica to 80%.
Colombia Organica currently holds 3 licenses which include: production of cannabis derivatives, cultivation of psychoactive cannabis, and cultivation of non-psychoactive cannabis. Licenses include the capacity to export. Colombia Organica has submitted an application to certify cannabis seeds for commercialization. In addition, it holds a lease for a 36-acre property located 44 kms from Medellin. The region's climate is conducive for growing cannabis with an average temperature of 16-18 °C, and an elevation of 2,475 meters above sea-level. They have secured an option to buy the property.
MYM and Colombia Organica are building a production facility near Medellin, Colombia for the cultivation and processing of cannabis and cannabis products. Currently, Colombia Organica is developing and registering seed strains with the Colombian Agricultural Institute.
MYM will acquire eighty 80% of Colombia Organica from its existing shareholders for consideration of cash, equity and loans to the company for a total package of up to $2.26 million. MYM will employ Colombia Organica principals Daniel Alonso and Gabriel Ramirez as Territory Managers for South American operations.
"After further review we've decided to increase our stake in Colombia Organica under much more favourable terms", said Howard Steinberg, CEO of MYM. "Colombia presents an exciting opportunity for MYM to expand its cultivation operations into South America, bringing with it increased value to our shareholders. The addition of Daniel and Gabriel to our team will provide the company with boots on the ground for all current and future projects in South America".
The Investment Agreement is subject to all required approvals and MYM's due diligence.
About Colombia Organica
Colombia Organica is a Colombian company with expertise in the manufacture of pharmaceutical products, medicinal chemical substances and botanical products. Colombia Organica currently holds 3 licenses which include: production of THC cannabis derivatives, cultivation of psychoactive cannabis, and cultivation of non-psychoactive cannabis, including exportation. Colombia Organica has selected for production high quality plants which are suited to the unique high altitude, equatorial regions of Antioquia, Colombia.
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).
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ON BEHALF OF THE BOARD
Howard Steinberg, CEO
MYM Nutraceuticals Inc.