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MYM NUTRACEUTICALS (OTCMKTS:MYMMF) Finalizes Deal With NEWCANNA

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MYM NUTRACEUTICALS (OTCMKTS:MYMMF) has finalized a Memorandum of Understanding with NEWCANNA S.A.S., a major Colombian medical cannabis firm. The two companies are proposing a partnership or joint venture deal in which they would establish a new, jointly owned firm in Colombia. This association would emphasis on the large-scale commercial grow and transformation of hemp and cannabis for medical, industrial and scientific applications and export to global markets.

The buzz

NEWCANNA has deals in place with several native communities in Colombia totaling more than 400 families that control 7,400 acres of grow property. In 2018 the native cultivators possessed the capacity to be producing high-grade cannabis of around 217,500 kg for processing and export globally. With intended production expansion with the native growers, NEWCANNA’s production is projected to be more than 1 million kg of cannabis in coming years. The high mountains of Colombia offer a perfect climate to grow cannabis and enable production costs to be a part of what it costs to yield in Canada.

NEWCANNA and MYM are also proposing that, together with the transformation and grow of raw materials into tinctures, medicinal oils and several products, they also establish a research and development lab for the design and formation of new products, in-house assessment and testing, and the refinement of unique and new delivery systems.

In 2017, NEWCANNA has consolidated extensive assets of land that are perfect for the cultivation of hemp and cannabis throughout various regions of Colombia. NEWCANNA has established valuable alliances with numerous indigenous communities within Colombia and boasts a large workforce of interested participants for all intended organic cultivation projects.

Rob Gietl, the CEO of MYM, expressed that this marks as a remarkable prospect and another massive step towards the company’s stated objective of becoming an international cannabis player. NEWCANNA has the robust infrastructure in place to lead the Colombian cannabis industries both domestically and for export purposes to the rest of the world. Its commitment to working with the native population of Colombia meets MYM’s role to work with local groups and offers economic advantages to local inhabitants.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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