MYM.CN) (MYMMF) („MYM” or „The Company”) is pleased to announce its subsidiary in Colombia , Colombia Organica S.A.S („Colombia Organica”), has signed agreements in principle to cultivate both THC and CBD-rich cannabis with independent farmers for an initial five acres.
Cannabis will be cultivated by farmers who will be licensees under the existing Colombia Organica cannabis cultivation licenses. The first crops cultivated on the initial five acres will function as test crops with the intention to add subsequent acreage. The climate in Colombia is ideal for cultivating cannabis, with the growing season being year-round it’s possible to harvest three crops of THC or CBD-rich cannabis annually.
„Our team in Colombia has begun to execute on our plan to cultivate both THC and CBD-rich cannabis in South America ,” said Howard Steinberg, CEO of MYM. „The strategy of extending our licenses to neighbouring farmers to cultivate cannabis will serve to increase our biomass supply that we intend on processing and exporting to the global market.”
Colombia Organica is committed to extending its licenses to the independent farmers for an initial period of five years. The farmers will be responsible for all costs associtated with cultivation from seed to sale. Colombia Organica agrees to purchase the harvested biomass at a price to be determined at the time of delivery based on the average market price at that time.
MYM is currently finalizing the closing documents that will see its own 80% of Colombia Organica.
MYM.CN) (MYMMF) (0MY.F) (0MY.F) (0MY.MU) (0MY.SG).
www.mym.ca ” data-reactid=”19″>ON BEHALF OF THE BOARD
Howard Steinberg, CEO
MYM Nutraceuticals Inc.
www.mym.ca
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www.sedar.com.” data-reactid=”22″>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 to differ materially from those reflected in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements. 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 and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.