VANCOUVER, British Columbia, July 9, 2019 /CNW/ -- MYM Nutraceuticals Inc., (CSE:MYM.CN - News) (OTCBB:MYMMF - News) ("MYM" or the "Company") is pleased to announce our joint venture company (MYM owns 50%), BioHemp Naturals Growing & Farming Ltd. ("BioHemp"), has completed planting for the 2019 growing season. 3.32 million CBD-rich hemp seeds have been planted on 400-acres and are now sprouting on the two farms located in Saskatchewan.
In addition to tending to the 400-acres of CBD-rich hemp now growing in the fields of Saskatchewan, the team will focus on assembling a state-of-the-art, on-site drying facility capable of quick-drying 6,000 lbs of CBD-rich hemp biomass per hour. The industrial sized dryers provide a continuous harvesting method that can process field harvested biomass into dry material and ship the same day. This SOP method ensures compliance with all microbial testing required by Health Canada.
"BioHemp has successfully planted 3.32 million seeds at the Saskatchewan project that have now begun to sprout," said Howard Steinberg, CEO of MYM. "The Saskatchewan project is a key component in our strategy to create a massive CBD-rich hemp footprint around the globe with the goal of becoming one of the largest cultivators and bulk CBD isolate suppliers in the world."
Based on previous crops grown on the property, the total estimated production is 675,000 lbs of CBD-rich hemp.
Further to the announcement dated May 2, 2019, in exchange for 50% of BioHemp Naturals, MYM will pay a total of $2.5 million cash (in two tranches) and 6,000,000 common shares in the capital of MYM.
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.CN - News) (OTC:MYMMF - News) (FRA:0MY.F - News) (DEU:0MY.F - News) (MUN:0MY.MU - News) (STU:0MY.SG - News).
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This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results of the Company to differ materially from those reflected in the forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "potential," "should," "may," "will," "plans," "continue" or other similar expressions to be uncertain and forward looking.
Forward-looking statements may include, without limitation, statements relating to the potential capacity of the Company's drying facility; the Company's ability to create a massive CBD-rich hemp footprint around the globe; the estimated production is 675,00 lbs of biomass to be converted into 30,308 lbs of CBD isolate in the Saskatchewan project; and the expected closing of MYM's acquisition of BioHemp or acquisition of complementary businesses and assets in the technology, nutraceuticals and CBD sectors.
The forward-looking statements in this news release are made as of the date of this release. The Company disclaims and does not undertake any intention or obligation to revise or update such statements, except as required by applicable law. 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 dated April 24, 2019 (the "MD&A") 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. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement, the "Caution Regarding Forward-Looking Information" section contained in the MD&A.
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.
ON BEHALF OF THE BOARD
Howard Steinberg, CEO
MYM Nutraceuticals Inc.
SOURCE MYM Nutraceuticals Inc.
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