The new company, called MYM One World, will facilitate the joint multi-year co-operative agreement between MYM and Aqueous Sciences, a subsidiary of One World Ventures (OWVI). The company will cultivate, extract and distribute 3,000 acres of hemp on Navajo Nation land located near the four corners area of Colorado, Arizona, Utah and New Mexico.
The purpose of organizing a new company to cultivate, extract, and distribute hemp is so each corporation will own 50%. MYM and Aqueous plan to extend their activities to include the extraction, manufacture and distribution of hemp based products that will comply with Navajo Nation, USDA, FDA and FTC regulations and requirements.
MYM and Aqueous are funding the venture with up to an initial amount of USD$2 million for operating and capital costs.
Aqueous is providing all labor, site management, and other resources as necessary to operate the business. It will ensure all regulatory approvals and compliance necessary to successfully cultivate legal hemp plants upon the Navajo Nation.
Whereas, MYM is providing expertise and support in growing procedure, import/export facilitation, access to its research and development team, and distribution.
“Our partnership with Aqueous to cultivate 3,000 acres of CBD-rich hemp has taken another step forward today with the formation of MYM One World LLC,” MYM CEO Howard Steinberg stated. “Our team is currently preparing the fields for the 2019 growing season. We’re looking forward to exceeding the results of last year’s test crop that was successful in growing an abundance of CBD-rich hemp.”