MYM Nutraceuticals Inc, a Vancouver-based producer and seller of medicinal cannabis supplements and topical products, has struck a deal to receive a draw-down equity facility of $25 million.
The investor is Alumina Partners, a U.S. private equity firm active in the cannabis sector.
MYM CEO Rob Gietl said the facility’s proceeds will support projects under construction in Québec.
The company is building a 1.5 million square-foot greenhouse in the Eastern Township community of Weedon, and expanding an existing production facility in Laval to 37,000 square feet.
MYM Announces $25,000,000 CDN Equity Investment
VANCOUVER, British Columbia, December 3, 2018 /PRNewswire/ —
MYM Nutraceuticals Inc., (CSE: MYM) (CSE: MYM.CN) (“MYM”) is pleased to announce the Company has signed a term sheet for a $25 million equity investment by Alumina Partners LLC, a New York-based private equity firm that has made substantial investments in the cannabis space. The investment can be drawn over a two-year period and is expected to close before the end of the year, once negotiations of the definitive documentation are complete. The draw-down nature of this investment gives MYM flexibility to build, with the ability to access funds when necessary.
The investment is a key milestone in our development to become a significant player in the cannabis space and validates our plans for the future.
The investment will be used to continue construction on both the Weedon and Laval projects in the province of Quebec and for general corporate purposes. MYM’s subsidiary, CannaCanada, is currently building a 1.5 million square-foot greenhouse in the Eastern Township community of Weedon, Quebec. MYM’s subsidiary, Sublime Culture Inc., has completed the construction of a 10,000 square-foot production facility in Laval, Quebec, with plans to expand to 37,000 square-feet.
“Having access to $25 million will allow MYM and its partners to make substantial inroads on the projects currently under construction in Quebec,” said Rob Gietl, CEO of MYM. “We’re looking forward to advancing our plans to be a major player in the underserved province of Quebec.”
“Quebecois Cannabis is rapidly taking a front seat as a driving economic force behind the emerging market opportunities for regulated Cannabis in 2019,” added Adi Nahmani, Alumina’s Managing Member. “We regard any meaningful early-mover advantage in the province to be a key one, and are excited to support MYM in their accelerated plans to execute toward a decisive leadership role in the space.”
About MYM Nutraceuticals Inc.
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. To ensure a strong presence and growth potential within the industry, MYM is actively looking to acquire or partner with 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).
ON BEHALF OF THE BOARD
Rob Gietl, CEO
MYM Nutraceuticals Inc.
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