One stock that has been in bounce mode in recent action is MYM NUTRACEUTICALS ORD (OTCMKTS:MYMMF). The jump comes in the wake of the stock’s break down through a key support level last week. This is a very interesting pre-revenue player in the Canadian cannabis patch. The company is working with a strong balance sheet and looking to establish larger scale operations, meaning that the essential work here is as much about regulatory issues as anything else.
As a case in point, the company just put out an update regarding the Sublime Culture Inc. ACMPR production facility located in Laval, Quebec. According to the release, “The Sublime Culture Inc. Laval facility has been completed as per ACMPR standards and guidelines. Sublime Culture submitted the Confirmation of Readiness for a License to Health Canada on December 15, 2017. Since this time, Sublime has worked closely with Health Canada to ensure that all further inquiries into the project have been satisfied. The Sublime Culture ACMPR license application is currently in the queue awaiting final review from Health Canada.”
MYM NUTRACEUTICALS ORD (OTCMKTS:MYMMF) promulgates itself as a company with a primary focus in developing high-end organic medicinal marijuana supplements and topical products. MYM also has an interest in the development of high-density farming facilities and technologies that allow MYM to expand its brand into the global market.
According to company materials, “MYM Nutraceuticals Inc. is an innovative company focused on acquiring Health Canada licenses to produce and sell high-end organic medicinal cannabis supplements and topical products. MYM has two production projects in Quebec that when completed will have over 1.5 million sq ft of production space. MYM is also a partner in a 1 million sq ft production project in New South Wales, Australia. Australia is a brand-new market that is just opening up and MYM is a leader there. 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).”
In addition, MYM has retained the services of Cannabis Compliance Inc. to consult the Company on regulatory compliance and due diligence for all its ACMPR projects in Canada.
According to information provided by the company, “Cannabis Compliance Inc. (CCI) offers risk mitigation, due diligence and regulatory compliance for commercial cannabis producers and resellers around the world. They focus on the Global market and provide their clients with trusted and comprehensive solutions. CCI has extensive expertise in regulatory compliance, cultivation/horticulture, security designs/tender, facility designs/build-outs, quality assurance, training programs, auditing, Good Production Practices (GPP), Good Manufacturing Practices (GMP), Good Agricultural and Collection Practices (GACP), Import & Export, staff recruitment and financial planning. CCI exists to empower the future leaders in the global cannabis industry.”
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“The Company is satisfied that Sublime Culture Inc. has provided Health Canada with all the necessary information in order for them to move ahead with the license application,” said Rob Gietl, CEO of MYM. “The completed Laval facility is currently 10,000 square feet. Phase two of the project will see the growing capacity increased to 37,000 square feet by the end of 2018. We have been advised by Health Canada that our application is in the final review stage. We are looking forward to beginning production at the facility and building value for our shareholders, the City of Laval, and Province of Quebec.”
Traders will note above -20% stripped out of shares over the trailing week, but a jump back higher to start things so far this week. In addition, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed greater than 240% beyond what we have been seeing over the larger time frame.
At this time, carrying a capital value in the market of $69.3M, MYMMF has a little over $400K in cash on the books, which compares with about $190K in total current liabilities. The company is pre-revenue at this point. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $MYMMF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $MYMMF, either long or short, and we have not been compensated for this article.