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MYM Announces Commitments to Fully Fund Its Strategic Plan Through 2020

Vlad Poptamas

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Photo source: insiderfinancial.com
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MYM Nutraceuticals Inc. (“MYM” or “The Company”) (CSE: MYM.CN) (MYM.CN) (CSE: MYM) (OTCBB: MYMMF) is pleased to announce that it has commitments totaling $9.5 millionin financing, which will fully fund its strategic plan through 2020. The $9.5 million is a mixture of $5.5 million of debt from Trichome Financial Corp (“Trichome Financial” or “Trichome”) and $4 million of equity from Alumina Partners LLC (“Alumina Partners”).

“MYM is encouraged to share that, after considerable due diligence, Trichome Financial and Alumina Partners have decided to provide the company with commitments to finance up to $9.5 million,” said Howard Steinberg, CEO of MYM. “The commitments are an incredible vote of confidence for our plans to become global leaders in the cultivation, extraction, and distribution of CBD-rich hemp. The capital raise is a significant milestone that allows the Company to fully fund our strategic plan through 2020.”

MYM currently has three CBD-rich hemp cultivation and extraction projects, two medical cannabis cultivation projects, and three CBD isolate distribution offices in MexicoAustralia, and Europe. Through 2020, the plan forecasts cultivating over 5 million pounds of CBD rich biomass that if converted into isolate, as per the plan, will produce 108,800 kilograms of CBD isolate. Visit mym.ca for more details on the 2019 Strategic Plan.

“We have been thoroughly impressed with the level of expertise and sophistication that MYM’s new senior leadership team has displayed as they execute a pivot towards becoming leaders in all aspects of CBD-rich hemp” said Michael Ruscetta, CEO of Trichome. “This transaction is another example of Trichome providing flexible and timely capital fully secured against all the assets and licenses of MYM, which we expect will deliver extremely attractive returns.”

“Alumina is excited to support MYM as they accelerate the execution of their comprehensive hemp-derived cannabidiol strategy,” added Adi Nahmani, Managing Member of Alumina Partners. “The explosion in popularity and wide range of consumer applications of CBD, coupled with its increasingly favorable regulatory outlook, make this a key focus for MYM. We are confident that the strategic plan that management is executing upon will contribute enormously to future revenue.”

The Trichome financing (“Trichome Financing”) is in the form of a senior secured term loan with an interest a rate of 12% per annum and which matures in 12 months following closing, with an option to extend for another 6 months.  In connection with the Trichome Financing, MYM will issue up to 5,000,000 warrants in three tranches. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.30 for a period of three years from the date of issue. Closing of the Trihcome Financing is subject to MYM’s receipt of a cultivation license from Health Canada for their 10,000 sq. ft. facility in Laval, Quebec, definitive documentation, along with other customary conditions precedent.

The Alumina Partners financing is a firm commitment, subject to the granting of our license from Health Canada and certain customary market outs and other conditions, to fund up to $4 Million under the terms of the existing Alumina Equity Agreement previously announced.

 

SOURCE MYM Nutraceuticals Inc.

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Cannabis

Former METRC Executive Director Scott Denholm joins Brytemap’s Leadership Team as COO

Vlad Poptamas

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Scott Denholm- Chief Operating Officer at Brytemap
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Brytemap, a Maryland-based technology provider to the legalized cannabis industry, announced today that Scott Denholm, former Executive Director of Franwell Inc.’s Marijuana Enforcement, Tracking Reporting and Compliance (METRC) Program, is joining the Brytemap leadership team as Chief Operating Officer (COO). Denholm will oversee Brytemap’s internal operations and play a key role in the launch of the company’s newest software platform for cannabis and hemp growers. “As Brytemap’s COO, Scott will have a critical role in guiding our company forward in our mission to be a model technology partner in our industry,” said Bryan Lopez, Founder and CEO of Brytemap.

As Executive Director of Franwell Inc.’s METRC Program, Denholm was responsible for consulting with states, regulators, associations, marijuana cultivators and dispensaries about how to deploy leading-edge technology and advised them about business logistics and processes. In addition, he oversaw research of business opportunities, architecting solutions, and training and education in support of both state agencies and the marijuana industry. METRC is currently contracted with eleven states and the District of Columbia to provide a centralized track and trace compliance system for these legalized cannabis markets.

“There are very few people in the cannabis industry that possess the amount of knowledge and experience that Scott has in terms of regulation, compliance and logistics,” said Brytemap CEO and Founder Bryan Lopez. “He has an in-depth technical background in RFID tracking and a proven track record in successfully opening new markets and driving revenue growth. His experience and knowledge about various aspects of cannabis regulations and reporting within each state will be very valuable in helping our customers understand how to incorporate our solutions and effectively manage and track their grow, processing and dispensary operations, while remaining compliant with state regulations.”

 

SOURCE Brytemap

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Trulieve CEO Kim Rivers Named to Florida Medical Marijuana Advisory Committee

Vlad Poptamas

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Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (CSE: TRUL) CEO Kim Rivers has been appointed to the newly-established Medical Marijuana Advisory Committee for the State of Florida. This committee will collaborate with the Florida Department of Agriculture and Consumer Services to help enhance the medical marijuana policies of the state.

“Every day, our Trulieve team helps to bring relief to thousands of people suffering from a range of debilitating ailments and improve their quality of life,” said Kim Rivers, CEO of Trulieve. “I am honored to be a part of this important initiative led by Commissioner Nikki Fried to further develop patient access and advance policies related to medical marijuana in Florida.”

The Florida Department of Agriculture and Consumer Services has stated that the committee will convene telephonically and in-person bi-monthly to work through ways to expand patient access, increase innovation and technology in the industry, and make recommendations to the Legislature and the Department of Health’s Office of Medical Marijuana Use to improve Florida’s medical marijuana policies and programs. The 18-member committee is comprised of representatives with a diverse range of backgrounds, including medical marijuana production and sales, science and medicine, law, medical marijuana patients, cannabis activists, and public affairs.

 

SOURCE Trulieve Cannabis Corp.

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Cannabis

ParcelPal Begins Integration on Shopify Platform for Cannabis Delivery

Vlad Poptamas

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ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (CSE: PKG) (FSE: PT0) (OTC: PTNYF) is pleased to announce the integration of ParcelPal’s app on the Shopify’s digital platform. The integration will be complete in the coming weeks.

Shopify is an eCommerce platform provider that gives retailers everything they need to build and operate a successful online store. Shopify is the leading eCommerce provider for merchants in North America in retail and specifically cannabis within Canada.

Canadian Licenced producers on the Shopify platform, can use this technology to enable shipping to medical or recreational users across the country (https://www.shopify.ca/sell/cannabis). Since recreational cannabis was legalized in Canada at the government-operated websites and private retailer portals powered by Shopify have processed “hundreds of thousands” of orders.

Businesses of any kind, notably cannabis merchants will be able to integrate their Shopify eCommerce store nearly instantly to ParcelPal’s ecosystem. These merchants will enable their customers to tap into ParcelPal’s network and have their products delivered in an hour or less. ParcelPal has begun this process with Choom (CSE: CHOO) (OTCQB: CHOOF) and Kiaro. ParcelPal’s integration will be accessible by the public in the coming weeks.

President and CEO, Kelly Abbott states, “This integration and offering on the Shopify platform will allow for any cannabis business to instantly integrate with our technology. Instead of lengthy and expensive integrations with current and potential partners, this will cut it down dramatically.”

 

SOURCE ParcelPal Technology Inc.

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