MYM and One World Ventures Inc. Form “MYM One World LLC” to Cultivate, Extract and Distribute 3,000 Acres of CBD-Rich Hemp on the Navajo Nation
Vancouver, BC – April 25, 2019 – MYM Nutraceuticals Inc., (CSE: MYM) (OTCBB: MYMMF) (“MYM” or “The Company”) is pleased to announce the formation of a Nevada Company, MYM One World LLC, to facilitate the joint multi-year co-operative agreement between MYM and Aqueous Sciences, a subsidiary of One World Ventures Inc (OWVI). The company and memorandum of understanding is to cultivate, extract & distribute 3,000 acres of hemp on Navajo Nation land located near the four corners area of Colorado, Arizona, Utah and New Mexico, USA.
The purpose of organizing a new company to cultivate, extract, and distribute hemp is so each corporation will own 50%. MYM and Aqueous also plan to extend their activities to include the extraction, manufacture and distribution of hemp based products that will comply with Navajo Nation, USDA, FDA and FTC regulations and requirements.
“Our partnership with Aqueous to cultivate 3,000 acres of CBD-rich hemp has taken another step forward today with the formation of MYM One World LLC”, said Howard Steinberg, CEO of MYM. “Our team is currently preparing the fields for the 2019 growing season. We’re looking forward to exceeding the results of last year’s test crop that was successful in growing an abundance of CBD-rich hemp”.
MYM and Aqueous are funding the venture with up to an initial amount of $2,000,000 USD for operating and capital costs.
Aqueous is providing all labour, site management, and other resources as necessary to operate the business. Aqueous will ensure all regulatory approvals and compliance necessary to successfully cultivate legal hemp plants upon the Navajo Nation. MYM is providing expertise and support in growing procedure, import/export facilitation, access to its research and development team, and distribution.
“We are very excited about the formation of MYM One World LLC and preparing the fields to plant lab tested, CBD-rich hemp seeds as we speak”, said DaMu Lin, CEO of OWVI. “As legal production of cannabis is rapidly increasing worldwide, so has the demand for hemp derived products and these experienced farmers along with their 200,000 acres of irrigated, ready to grow fields, are ready to jump in”.
“This is a step forward for our Navajo farmers and Native America in revitalizing our traditional culture within an agricultural context and to be part of this emerging industry”, added Dineh Benally, President of the Navajo Nation San Juan River Farm Board. “Exercising Sovereignty, Traditional and Fundamental Law with a legal, compliant hemp framework in place that also considers their traditional crops and growing season, the Navajo and all Native people around the world can be in a better position to improve their economy of their communities by participating in this global business venture ”
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MYM announces it has closed a non-brokered private placement as part of a series of drawdowns on the Alumina Equity Agreement consisting of 1,341,200 units at a price of CAD$0.44 per unit for gross proceeds of $590,128.00.
Each unit consists of one common share and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.69 for a period of three years from the issue date. The warrants are subject to an acceleration provision that allows the Company to give notice of an earlier expiry date if the Company’s share price on the Canadian Securities Exchange (or such other stock exchange the Company may be trading on) is equal or greater than $1.38 for a period of 10 consecutive trading days. The securities will be subject to a four month and one day hold period under securities laws.
The Company intends to use the proceeds from the private placement to fund the initial operations of MYM One World LLC and for general and other working capital purposes.
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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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.
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Source: MYM Nutraceuticals Inc.