Shares of MYM NUTRACEUTICALS (OTCMKTS:MYMMF) fell 15.3%, days after the company announced the filing of multiple applications, with the Office of Drug Control in Australia, for its Northern Rivers Project. The company is currently seeking approval for cultivation, production, and manufacturing of cannabis in a 1.2 million square foot greenhouse and extraction facility.
Northern Rivers Project
The Northern Rivers Project is a joint venture between MYM NUTRACEUTICALS (OTCMKTS:MYMMF), PUF Ventures, and PUF Ventures Australia. The project is for the construction of a 1.2 million square foot greenhouse on a 27-hectare parcel of land. The first phase of the project will cover approximately 300,000 square feet and will be the largest medical cannabis greenhouse in Australia.
Approval of the three applications will pave way for MYM NUTRACEUTICALS (OTCMKTS:MYMMF) to enter the business of cannabis production right from seed to finished products.
“We have World Class team in Australia and Canada involved in the company who are all excited to be involved in the largest Medical Cannabis Project in the Southern Hemisphere. We have increased the overall scale of the project by about 20% as we see the demand in Australia and export of Cannabis products growing exponentially,” said CEO, Michael Shortfall.
MYMMF Stock Performance
MYM NUTRACEUTICALS (OTCMKTS:MYMMF) is still trading in an uptrend despite coming under pressure in Thursday’s trading session. Investor sentiments on the stock have received a major boost in the recent past after the company announced plans to expand its cannabis operations into Australia. For the full year, the stock is up by more than 300%.
The recent pullback could be a minor correction pending a major move on the upside, given that the stock is trading close to its 52-week high of $1.37 a share.
In addition to making application for production of cannabis in Australia, MYM NUTRACEUTICALS (OTCMKTS:MYMMF) has retained the services of Casey Houwelings and Peter Cummings as its greenhouse consultants. The two are tasked with the responsibility of designing a technically advanced and environmentally sustainable greenhouse for growing medical cannabis.
Mr. Houwelings is the Chairman of one of the most technically advanced greenhouse operations in the world. He currently oversees operations in California, Utah, and British Columbia.
“Their expertise will contribute to one of the most efficient and environmentally sustainable designs on the planet, as we strive to have the highest quality and lowest cost cannabis that is grown under the sun,” said Mr. Shortfall.
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.
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