17:51:58 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
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MYM Nutraceuticals Inc
Symbol MYM
Shares Issued 120,210,700
Close 2018-11-16 C$ 0.75
Market Cap C$ 90,158,025
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MYM Nutraceuticals to acquire 49% of Sunmark Growth

2018-11-16 08:56 ET - News Release

Mr. Rob Gietl reports

MYM POISED TO ACQUIRE 49% OF SUNMARK GROWTH IN AUSTRALIA AND ACCESS TO 200 HECTARE FARM

MYM Nutraceuticals Inc. has entered into a conditional agreement to acquire a 49-per-cent stake in Sunmark Growth, an Australian company entering the cannabis industry in Henty, New South Wales. Sunmark Growth is preparing a cannabis production licence application and cannabis research licence application for the Office of Drug Control, the government agency that handles cannabis licences in Australia.

Sunmark Growth founders Robert Szatmari and Fabian Szatmary, both with legal backgrounds and over 17 years combined agricultural experience, have developed joint venture partnerships and collaborations with leaders internationally in areas of agriculture, soil science, greenhouse technology, soil regeneration and sustainable waste processing. Their agricultural projects in the Philippines span more than 212,000 hectares, directly involve over 1,000 indigenous community members and indirectly involve over 60,000 indigenous people.

Sunmark Growth and its partners, the Muller family, are excited at the opportunity to partner with MYM Nutraceuticals to transform the property in Henty, New South Wales, into one of the largest licensed outdoor cultivation operations in Australia. The project will leverage Sunmark's innovations as well as the Muller family's legacy of 120 years of farming and agricultural experience. The Muller family is one of the most respected and accomplished farming families in this region and the family currently manages over 5,000 hectares of farmland.

Sunmark Growth will work in tandem with the community of Henty, New South Wales, on the project and looks forward to the socio-economic benefits that will arise from this joint venture partnership. This project also motivates younger generations to refrain from suburban migration and to continue with generations of farming and agricultural traditions.

Any agreement with Sunmark Growth is subject to all required approvals and MYM's due diligence.

About Australia

Australia is an exciting emerging cannabis market having legalized cannabis for medical use just two years ago. Earlier this year the government announced it will now permit the export of Australian manufactured medicinal cannabis products opening up the $55-billion global market. "Our goal is very clear, to give farmers and producers the best shot at being the world's No. 1 exporter of medicinal cannabis," Health Minister Greg Hunt told reporters in Melbourne.

About Sunmark Growth

Sunmark Growth is an agricultural company located in New South Wales, Australia. It is preparing initial plans and will be applying with the Office of Drug Control in Australia to grow cannabis on an up to 1,000-hectare farm that will include a medical research centre and manufacturing facility. The Sunmark Growth corporate mission is to deliver an environmentally friendly, sun-grown medicinal grade cannabis and on developing medicines and treatments for pain management and other medical conditions.

About MYM Nutraceuticals Inc.

MYM Nutraceuticals is an innovative company focused on acquiring Health Canada licences to produce and sell high-end organic medicinal cannabis supplements and topical products. MYM is a shareholder in two production projects in Quebec that when completed are anticipated to have over 1.8 million square feet of production space. MYM is a shareholder in a project in New South Wales, Australia, an exciting new market that has recently legalized medicinal cannabis. 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 cannabidiol sectors.

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