MYM Nutraceuticals Inc: Highland Grow Expands Distribution into Ontario Increases Loan Facility to Support Growth
Vancouver, British Columbia--(Newsfile Corp. - February 4, 2021) - MYM Nutraceuticals Inc., (CSE: MYM) (OTCQB: MYMMF) ("MYM" or the "Company") is pleased to announce its wholly owned subsidiary and Health Canada licensed cannabis producer, Highland Grow Inc., ("Highland Grow"), has entered into a supply agreement with the Ontario Cannabis Store ("OCS") to supply Highland Grow branded cannabis products throughout the province of Ontario.
Under the terms of the agreement, Highland Grow will initially offer two cultivars, "White Lightning" and "Gaelic Fire", both in 3.5g formats.
"Entering the Ontario market is another key milestone for our Company," said Michael Wiener, CEO of MYM. "It is the largest and fastest growing market in Canada, and we are excited to finally be able to offer our craft, high THC cannabis to the many discerning consumers in the province."
With the addition of Ontario, Highland Grow products are now available in 11 Provinces/Territories across Canada: Northwest Territories, Yukon, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador.
To support the expansion into Ontario and to pay down other debt, the Company has increased the size of its Loan Facility, previously announced on July 27, 2020, to $5,000,000 from $4,000,000 under the same terms and conditions. As certain insiders participated in the Transaction, it is considered to be a "related party transaction". No warrants were issued in connection with this amendment, thereby enhancing the available capital to the Company on a non-dilutive basis. To date, the Company has borrowed a total of $4,500,000 from the Facility Lender.
"We've come a long way at MYM, and we are building incredible momentum," said Michael Wiener. "In the past week, we've announced the expansion of our distribution network into two new markets and, even before entering these markets, released profitable Q2 financial results in the midst of a global pandemic. With the additional funds from our senior lender, we are well positioned to continue to build upon and accelerate our growth."
RECENT NEWS:
January 29, 2021 - MYM Releases Second Quarter Results, Posts Record Growth and Net Profit: https://www.mym.ca/mym-releases-second-quarter-fiscal-2021-financial-results/.
January 28, 2021 - Highland Grow Signs Cannabis Supply Agreement with Yukon Liquor Corporation: https://www.mym.ca/highlandgrow-signs-canasupplyagreement-with-the-yukon-liquor-corporation/.
About MYM Nutraceuticals Inc.
MYM is a Canadian cultivator, processor, and distributor of premium cannabis via its two wholly owned subsidiaries - SublimeCulture Inc., in Laval, QC and Highland Grow Inc., in Antigonish, NS. MYM shares trade in Canada, Germany and the United States under the following symbols: (CSE: MYM) (OTCQB: MYMMF) (FSE: 0MY) (DEU: 0MY) (MUN: 0MY) (STU: 0MY).
ON BEHALF OF THE MYM BOARD
Michael Wiener, CEO
MYM Nutraceuticals Inc.
www.mym.ca
Investor Relations
investors@mym.ca
Keep up to date with MYM on our social media channels:
Twitter: @mymnutra
Facebook: @mymnutra
Instagram: @mymnutra
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73596
