“The planting went as planned and our team of experts will continue to monitor the progress through the harvest and processing stages,”
MYM ANNOUNCES 2019 PLANTING IS COMPLETE AT THE CBD-RICH HEMP NEVADA PROJECT
Planting is now complete for the 2019 growing season at MYM Nutraceuticals Inc.’s cannabidiol-rich hemp project situated on 120 acres in Nye county, Nevada.
Further to the announcement of June 13, 2019, the 120-acre pivot (crop circle) has been successfully planted. The Company’s Nevada project is based on a CBD-rich hemp production agreement with immediate revenue-generating potential. MYM has entered into a production agreement 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, and harvest the crop of which MYM is entitled to 50%.
“I’m happy to report that the CBD-rich hemp seedlings at the Nevada project have now been planted. The planting went as planned and our team of experts will continue to monitor the progress through the harvest and processing stages,”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. Nevada serves as a low-risk entry into the US market that is expected to reach $23 billion by 2023.”
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 generating estimated revenue of $7.1 million for MYM by Q1 2020.
About MYM Nutraceuticals Inc.
MYM Nutraceuticals Inc. is an innovative company focused on the global growth of Cannabis and CBD-rich 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).
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