09:24 AM EST - MYM Nutraceuticals Inc. : Announced that the Company has acquired 50% of BioHemp Naturals ("BioHemp"), a licensed hemp cultivator in the business of cultivating and distributing CBD-rich hemp biomass to licensed producers in Canada. BioHemp co-founder, Len Atkinson, will join the MYM management team as Global Hemp Project Manager. BioHemp's founder has been growing hemp since 2015 and developed unique harvesting methods and standard operating procedures which meet all Health Canada testing requirements for hemp. BioHemp is expanding its hemp operations to cultivate 450 acres this 2019 season with plans to expand to 3,000 acres of certified organic hemp in 2020. Forecasted revenues based on the sale of biomass for the 2019 grow season are expected to exceed $30 million with 2020 grow season $225 million.The partnership will allow BioHemp to toll-process the hemp flower through MYM's planned extraction plant which would significantly increase revenues for both seasons. "Acquiring 50% of BioHemp Naturals and engaging Mr. Atkinson as MYM's Global Hemp Project Manager is a huge win for MYM and our stated goal to become global CBD-rich hemp cultivators, extractors, and distributors," said Howard Steinberg, CEO of MYM. "The addition of BioHemp Naturals adds over 3,000 acres of cultivation to the company which is expected to significantly increase future revenues of MYM." MYM Nutraceuticals Inc.
shares MYM:CNX are trading pre market at $0.51.
