Vancouver, Canada-based MYM Nutraceuticals (CSE: MYM) (OTCBB: MYMMF) announced that its Colombian subsidiary Colombia Organica S.A.S has signed agreements to cultivate both THC and CBD-rich cannabis with independent farmers for an initial five acres.
The climate in Colombia is ideal for cultivating cannabis. With the growing season being year-round, it’s possible to harvest three crops of THC or CBD-rich cannabis annually.
Cannabis will be cultivated by farmers who will be licensees under the existing Colombia Organica cannabis cultivation licenses. The first crops cultivated on the initial five acres will function as test crops with the intention to add subsequent acreage.
“Our team in Colombia has begun to execute on our plan to cultivate both THC and CBD-rich cannabis in South America,” MYM CEO Howard Steinberg stated. “The strategy of extending our licenses to neighboring farmers to cultivate cannabis will serve to increase our biomass supply that we intend on processing and exporting to the global market.”
Colombia Organica is extending its licenses to the independent farmers for an initial period of five years. The farmers will be responsible for all costs associated with cultivation from seed to sale. The company agreed to purchase the harvested biomass at a price to be determined at the time of delivery based on the average market price at that time.
Colombia Organica is a Colombian company engaged in the manufacture of pharmaceutical products, medicinal chemical substances and botanical products.
The company currently holds 4 licenses which include: production of THC cannabis derivatives, seed production, cultivation of psychoactive cannabis, and cultivation of non-psychoactive cannabis, including exportation.
MYM is currently finalizing the closing documents to take its ownership of Colombia Organica to 80%.