MYM Releases First Quarter Fiscal 2021 Financial Results
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VANCOUVER, British Columbia – TheNewswire - November 2, 2020 – MYM Nutraceuticals Inc., (CSE:MYM) (CNSX:MYM.CN) (OTC:MYMMF) (“MYM” or the “Company”) is pleased to announce that it has released its first quarter fiscal 2021 Financial Statements and Management Discussion & Analysis (“MD&A”), which are available on Sedar.com.
“This was a transformative quarter for the business,” said Michael Wiener, CEO of MYM. “In addition to closing the acquisition of Highland Grow, the Company generated meaningful revenue and gross profit.”
Despite only one month of Highland Grow (the Company’s recently acquired wholly-owned subsidiary in Antigonish, Nova Scotia) revenues reflected in the financials, MYM posted a record quarter with gross revenue of approximately $1.35M. In addition, in the month of August, Highland Grow held the #2 market share position in the province of Newfoundland and Labrador.
The Company is continuing to expand its distribution footprint while bolstering its supply chain. Subsequent to quarter end, Highland Grow, signed a cannabis supply agreement with the Alberta Gaming, Liquor and Cannabis Commission permitting Highland Grow to sell into the Alberta market; and SublimeCulture, its wholly owned cultivation facility in Laval, Quebec, completed its first harvest of premium cannabis flower.
“We have turned the page and started a new chapter at MYM,” said Michael Wiener, “We have a great brand in Highland Grow, strong distribution across much of the country, and an experienced and aligned management team. Moving forward, we will be extremely focused on the premium, craft cannabis market in Canada. This is a market that we have become well established in, and an area that we feel confident that we can be a leader in.”
To support the ongoing growth of the business, the Company continues to hire and invest in its people and announces the granting of 500,000 stock options to certain consultants of the Company pursuant to the MYM Stock Option Plan (‘SOP”). The stock options are exercisable for a period of three years from the date of grant at an exercise price of $0.065 per stock option.
About MYM Nutraceuticals Inc.
MYM is a Canadian cultivator, processor, and distributor of premium cannabis via its two wholly owned subsidiaries – SublimeCulture Inc., in Laval, QC and Highland Grow Inc., in Antigonish, NS. MYM shares trade in Canada, Germany and the United States under the following symbols: (CSE: MYM) (OTC: MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
ON BEHALF OF THE MYM BOARD
Michael Wiener, CEO
MYM Nutraceuticals Inc.
www.mym.ca
Investor Relations
investors@mym.ca
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