With the Canadian cannabis patch back in bull mode over recent days, it may be time to take a look at some of the dramatic outperformers we followed to close out last year, such as Mym Nutraceuticals Inc (OTCMKTS: MYMMF). Expansion is once again the name of the game here: The company just announced that, through its partially owned subsidiaries, it has finalized the purchase of 329 acres in the township of Weedon, Quebec to build its 1.5 million square foot state-of-the-art medicinal cannabis greenhouse facility.
According to the release, “The 329 acres of land, which is currently under construction, was purchased for $660,000. Prior to the Company purchasing the land, it served as an aggregate quarry. The existing on-site aggregate will benefit the company by saving construction costs of purchasing additional aggregate material for building needs. The second advantage of using on-site material is a lower environmental impact that will add value to the project’s LEED certification process.”
Mym Nutraceuticals Inc (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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We’ve witnessed 25% tacked on to share pricing for the name in the past week, but that move comes in the context of a larger bearish trend. In addition, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 25% over the long run average.
“Finalizing the purchase of 329 acres for the Weedon project in the Eastern Township region of Quebec is a major milestone for MYM and our stated goal of becoming one of the world’s largest producers of medicinal cannabis,” said Rob Gietl, CEO of MYM. “A heartfelt thank you goes out to the Municipality of Weedon and Mr. Fernand Boisvert for their cooperation with the transaction. We are proud to be a part of Weedon’s bright future with the construction of a world-class greenhouse facility.”
At this time, carrying a capital value in the market of $138.9M, MYMMF has about $1.58M in cash on the books, which must be weighed relative to virtually no total current liabilities. The company has pulled in just shy of $800k over the prior trailing twelve months. MYMMF is seeing strong topline growth, with revenues growth over 21% on a sequential quarterly basis. As more color becomes clear on the name, we will review the situation and update our take. 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.