Canada-based MYM Nutraceuticals (CSE: MYM) (OTCBB: MYMMF) is going to develop medical cannabis in Australia, an emerging cannabis market where the use of cannabis is legal for medical purposes.
The Vancouver-based firm has created a new wholly-owned subsidiary MYM Australia Pty Ltd. which will focus on the Asia Pacific region. MYM Australia will operate from a head office on the Gold Coast, Queensland, Australia.
Howard Steinberg, CEO of MYM, said in a press statement that “MYM Australia is what we expect to be the first of many projects in the Asia Pacific region.”
The newly-created company will cultivate of a total of 400 hectares of medical cannabis in New South Wales.
Firstly, MYM Australia will focus on the outdoor cultivation of 50 hectares of medical cannabis in Henty, while the remaining 350 hectares will be developed on the adjacent land over the coming years.
The company’s first project will be a partnership with CPRSX Holdings whose principals manage over 5000 hectares of farmland. MYM Australia will own a 75% stake and CPRSX will take a 25% ownership in the project.
Australia legalized cannabis for medical use two years ago. Earlier this year, the government announced that it will now permit the export of Australian manufactured medicinal cannabis products, opening up the $55 billion global market.
MYM Australia Management
MYM Australia will be led by Fabian Szatmary, former principal of Sunmark Growth. He will serve as vice president and territory manager.
In his role, Szatmary will manage all the company’s interests in the Asia Pacific region. He has a legal background and substantial agricultural experience, having developed joint venture and partnerships with companies internationally in areas of agriculture, soil science, greenhouse technology, soil regeneration and sustainable waste processing.
“I am thrilled at the opportunity to join MYM Nutraceuticals as it looks to expand its presence globally,” Szatmary said in prepared remarks. “The challenge of helping to advance a new and developing industry within the Asia Pacific, an industry which has already demonstrated results in addressing an increasing number of major health issues, is one in which I look forward too.”
