Mym Nutraceuticals Inc (OTCMKTS:MYMMF) signed a letter of intent to take over all the hemp and cannabis assets of Crop Infrastructure Corp. The company would take over all the outstanding and issued common shares of Crop. It will develop and implement a restructuring plan for Crop. As per the terms of the deal, Mym will issue one common share for 10.5 shares of Crop. The transaction is subject to the approval of shareholders and the court.
Acquires companies that benefit from restructuring
Mym offers management, financial, strategic, marketing, and operational services to the cannabis entities having high-value assets and require the capital and management support to grow in the current marketing environment. Chief Executive Officer of Mym, Howard Steinberg, said the capital markets in the cannabis space are complex and demands more.
Mym is focused on taking over companies, which have valuable assets that benefit from the restructuring expertise (in terms of capital and management). The company looks to work with the team of Crop by developing an operational and financial plan that would grow its assets.
Chief Executive Officer of Trichome Financial, Michael Ruscetta, said the strategy of Mym aligns with the core competencies of its management team. It also augurs well to capitalize on the opportunities in the cannabis space.
Plaza capital supports Mym’s acquisition of Crop
The principal of Plaza Capital, Jesse Kaplan, said he supports Mym’s takeover of Crop and expressed confidence in the team of Mym’s talented team to make Corp a profitable company. Plaza is pleased to work with Mym in its future endeavors.
Chief Executive Officer of Crop, Michael Yorke, said the team at Mym is knowledgeable and can realign the strategy of Crop. This transaction would offer rich dividends to the shareholders of Crop.
Issues an update on cannabis cultivation
Mym is pleased to issue update on the cannabis cultivation facility based in Quebec’s Laval. Sublime Inc’s cannabis facility has responded to the Health Canada request for information on cultivation application.
Howard said Health Canada in a communiqué asked for more details on the cultivation application. The team at Mym quickly responded to satisfy the requests and confident that the application is completed and awaits a license for the Laval facility.