VANCOUVER, British Columbia, Sept. 6, 2017 /PRNewswire/ -- MYM Nutraceuticals Inc., (MYM.CN) (CSE: MYM.CN) (OTC: MYMMF) (the "Company" or "MYM") is pleased to announce it has entered into an asset purchase and consulting agreement with "Mary Jane's Touch" (MJT). MJT manufactures and distributes cannabidiol (CBD) products and possesses numerous formulations of CBD products and research on CBD.
Under the agreement, MYM will acquire all of MJT's intellectual property regarding CBD, including all formulas, recipes, and research regarding the extraction and production of MJT's CBD products. MYM is also purchasing MJT's database of suppliers, clients and customers, both current and potential.
In exchange for the assets and consulting services, MYM shall pay MJT: a consulting fee of $125,000 CDN per annum as long as services are delivered; a total of 500,000 MYM common shares at a price of $0.45, which will be subject to a contractual restriction in that 125,000 shares will become free-trading every 6 months over the first two years of the consulting term; a total of 250,000 options to purchase MYM common shares at a price of $0.45, vesting every six months over the 5-year consulting term; 1% commission on the first $500,000 of gross sales of CBD products, and 0.5% thereafter produced within the production facilities.
"This is an exciting acquisition for MYM and its shareholders," said Rob Gietl, MYM's CEO. "Acquiring the 'Mary Jane's Touch' product lines and expertise will expedite the transition of 'HempMed' into MYM's new brand of CBD products – 'Joshua Tree'. The agreement will enable Joshua Tree to rapidly develop and expand on its line of innovative CBD nutraceutical products".
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 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.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither the Canadian Securities Exchange (CSE or CNSX Markets), nor its Regulation Services Provider (as that term is defined in policies of the CSE), accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the "United States", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
MYM Investor Relations Contact:
Terry Brown – 1 (855) 696-2261
You can email Mr. Brown here: http://www.mymarijuana.ca/contact-us/
SOURCE MYM Nutraceuticals Inc.