MYM Provides Update on 120-Acre CBD-Rich Hemp Project in Nevada
Vancouver, BC – June 13, 2019– MYM Nutraceuticals Inc., (CSE: MYM) (OTCBB: MYMMF) (“MYM” or “The Company”) Is pleased to provide an update on its CBD-rich hemp project situated on 120 acres in Nye County, Nevada.
Further to the announcement of April 30, 2019, the 1.6 million CBD-rich hemp seeds MYM and Elite Ventures acquired have spent the last six weeks in the greenhouse germinating. The seeds have sprouted and grown into seedlings that are currently being prepped for planting.
The 120-acre pivot (crop circle) has been amended and prepped, ready for cultivation. A crop of red clover has been planted to be used as a cover crop to protect the seedlings. All of the equipment, including the auto-planters, has been prepped and the project will now move to the planting stage.
“The 1.6 million CBD-rich seeds we acquired in April have now sprouted and are ready to go into the ground for the 2019 growing season,” said Howard Steinberg, CEO of MYM. “The Nevada 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.”
The Company’s Nevada project is based on a CBD-rich hemp production agreement with immediate revenue-generating potential. MYM has partnered with Elite Ventures and invested USD $500,000 to grow one pivot of 120 acres of CBD-rich hemp in Nevada. Elite will plant, grow, harvest, and process the hemp into CBD isolate of which MYM is entitled to 50%
Based on previous crops grown on the property, MYM’s 50% entitlement of the estimated production is 60,000 lbs of biomass to be converted into 2,694 lbs of CBD isolate per harvest with potential revenue of $7.1 million for the 2019 grow season. MYM’s estimated profit for the 2019 grow season is $5.4 million.
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.