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MYM Nutraceuticals boosts control in cannabis project to 93%

MYM Nutraceuticals Inc. acquired an additional 18% stake in CannaCanada Inc. and the Weedon project from 9292-8779 Quebec Inc. taking its total shareholding to 93%.

MYM has issued 300,000 of its common shares to 9292-8779 Quebec, and will issue 500,000 shares on acquiring a cultivation license and another 1 million shares on acquiring a sales and distribution license for the Weedon facility, the company said in a press release.

The Weedon project in Quebec involves building a 1.5-million-square-foot cannabis production facility consisting of 15 greenhouses. Once the project is completed and licensed, it would have the potential to produce over 150,000 kilograms of cannabis per year, MYM said on its website. The first set of greenhouses at the under-construction cannabis production facility is due to be completed and ready for Health Canada's final review in the third quarter of 2018.

CannaCanada Inc., a Montreal-based cannabis company in which MYM had a 75% stake, signed the Weedon agreement with the municipality of Weedon, Quebec, in 2017. Vancouver-based MYM produces and sells organic medicinal cannabis supplements and topical products.