MYM Nutraceuticals (CSE: MYM) has finally received a license from Health Canada for its Sublime facility located in Laval, Quebec. The facility received its license to cultivate cannabis at the indoor facility late yesterday as part of Health Canada’s weekly update.
While MYM released a small news update on it last night, little specifics was provided by the firm in terms of when they will begin to cultivate cannabis. Commenting on it, MYM simply stated that the Laval facility is “a cutting edge, highly optimized, indoor facility that is complete and ready to cultivate high-quality, specialty “craft” cannabis varieties. Included is a mothering and cloning area allowing for exceptional genetic development and archiving.”
MYM Nutraceuticals initially acquired a 51% stake in Sublime Culture on February 22, 2017 by issuing 1,000,000 common shares, with a total value of $65,000, along with a commitment to issue 200,000 options per year once the facility was operational. A year later, the company issued additional shares valued at just under $599,000 to increase its ownership percentage to 74%. Finally, in August 2018 the company increased its ownership to 75% via payment of $1.00 to a minority shareholder.
Now that the firm has received its cultivation license, MYM Nutraceuticals will be required to issue an additional 350,000 as part of its second purchase agreement related to the facility.
MYM Nutraceuticals last traded at $0.08 on the CSE.
Update & Correction: An earlier version of this article identified that the Company would be eligible to receive a second tranche financing from Trichome Financial now that they have acquired a cultivation license. This was incorrect, as the loan was cancelled and repaid on December 5, 2019.
Information for this briefing was found via Sedar and MYM Nutraceuticals. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
