MYM NUTRACEUTICALS (OTCMKTS:MYMMF) nearly doubled in market value after the innovative legal cannabis company provided an update on its Laval Project. Shares of the company gained 96.5% after the company said the project is on schedule for completion by December 15, 2017.
Laval Project Development
Phase 1 development of the Laval Project will allow the company to annually produce 1000kg of medical cannabis. Phase 2 will consist of an additional 16,000 square foot facility able to annually produce 1,800kg of medical cannabis.
MYM NUTRACEUTICALS (OTCMKTS:MYMMF) has already completed all the plumbing as part of the phase 1 development. HVAC installation is currently underway as the company continues to work on a storage vault. All the walls of the production rooms will come with bulletproof windows.
Progress on the development of the Laval Project, which is expected to strengthen MYM NUTRACEUTICALS (OTCMKTS:MYMMF)’s position in the medical marijuana business, appears to have strengthened investor’s sentiments on the stock. Over the past one month, the stock has gained more than 200% in market value as it continues to trade in a strong uptrend. The stock is currently trading at an all-time high pending completion of the project.
Cannabis Products Demand
MYM NUTRACEUTICALS (OTCMKTS:MYMMF)’s solid performance does not come as a surprise given what is at stake with the completion of the Laval Project. Demand for cannabis products is growing robustly, both at home and abroad thus expected to present unique opportunities for growth going forward.
“MYM is working to open up cannabis distribution channels globally to accelerate our growth. Our Weedon project alone has 329 acres to expand production on. As recreational cannabis opens in more markets and as global markets expand, we plan on being ahead of the curve and have supply chains ready,” said CEO, Rob Gietl.
Separately, MYM NUTRACEUTICALS (OTCMKTS:MYMMF) has closed the second and final tranche of a non-brokered private placement of 771,000 units. The company generated gross proceeds of $385,500 on the pricing of the offering at $0.50 a unit. Each unit on the offering was made up of one common share and one transferable share purchase warrant, exercisable at a price of $1 for a period of one year.
The company plans to use net proceeds from the private placement for general working capital and corporate purposes.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
Don’t miss out! Stay informed on $MYMMF and receive breaking news on other hot stocks by signing up for our free newsletter!