MYM Nutraceuticals Inc., announced that the Company has acquired an additional 18% of CannaCanada and the Weedon, Quebec project from 9292-4372 Quebec Inc., bringing the Company’s total ownership of the late stage ACMPR applicant, up to 93%.
“MYM’s ownership in the Quebec Cannabis market continues to grow with the recently closed 93% stake in CannaCanada and the Weedon project,” said Rob Gietl, CEO of MYM. “This is a material development for the future of MYM as the total square footage of the Weedon project is slated to be 1.5 million square feet.”
Construction of the Weedon, Quebec facility is now underway with the first set of greenhouses due to be completed and ready for Health Canada’s final review in Q3 of 2018.
Immediately issued to the seller are 300,000 MYM common shares. Upon acquiring a cultivation license for the facility, the Company will issue the seller 500,000 MYM common shares. Upon acquiring a sales and distribution license for the Facility, the company will issue to the seller one million MYM common shares.
Moving forward, MYM has retained the services of Cannabis Compliance Inc. to consult the Company on regulatory compliance and due diligence for all its ACMPR projects in Canada.
“Joining forces with Cannabis Compliance as our consultant on file for all medicinal cannabis projects is the necessary solution to advance our applications in a timely manner,” said Gietl. “Cannabis Compliance has an amazing track record in leading ACMPR applicants to the finish line. With their guidance, MYM intends on progressing full steam ahead into what will prove to be a very exciting 2018.”