POWERFUL REMINDER OF MYM POTENTIAL....SEE RESEARCH ARTICLE At first it was Aurora Cannabis turning heads with its $100 million Aurora Sky project, at the Edmonton International Airport. Construction commenced on the enormous 800,000 square foot cannabis production facility in July of this year, with completion scheduled for the first half of 2018.
Not to be outdone, industry front-runner Canopy Growth announced it would develop up to 3 million square feet of additional greenhouse capacity in British Columbia. The deal would see Canopy strike a deal with an already established private greenhouse partner, to convert a 1.3 million square foot facility from its current crop of peppers, to cannabis plants-all with the intention of commercial production being ready in time for the July 1, 2018 legalization kickoff date.
But as both those multi-billion-dollar companies have made headlines, up-and-comer MYM Nutraceuticals has successfully commissioned a massive undertaking of its own.
Through a joint effort with the City of Weedon, Quebec, MYM's massive Weedon Project is destined to the largest cannabis cultivation site in the country.
With the approval and contribution of 329 acres of land from the City of Weedon, MYM will build a 1.5 million square foot greenhouse facility, estimated to produce sales of $750 million by 2021, with profit estimates of $325 million.
Attached to the facility will be an education centre, working in congruence with universities regarding botany degrees, vocational programs with certifications specializing in the cannabis plant and operations from seed to sale. In essence, this massive project is designed to turn Weedon into the undisputed cannabis capital of Canada.
MYM'S AUSSIE ADVANTAGE
While waves were made by MYM recently not only with an update on its Weedon Project, and with its sister facility in Laval, Quebec, but also with its expansionary efforts on the other side of the planet.
The market truly began to take notice, as MYM announced recently an expansion on its plans to build a facility in New South Wales, Australia. The expansion would make bring the new size of the project to a total of 1.2 million square feet of greenhouse and extraction facilities, bringing MYM's global square footage very close to Canopy's explosive 3 million square foot earmark in British Columbia.
The announcement caused MYM's second significant share price boost in just one week.
"Demand for cannabis is growing worldwide and with MYM actively investigating all opportunities in each sector of the cannabis industry, it will develop MYM into a complete Global seed to sale company," said Rob Gietl, Chief Executive Officer of MYM Nutraceuticals.
"MYM is working to open up cannabis distribution channels globally to accelerate our growth. Our Weedon project alone has 329 acres to expand production on. As recreational cannabis opens in more markets and as global markets expand, we plan on being ahead of the curve and have supply chains ready."
Australia is positioning itself as a market to be the next Canada.
As the country has continuously introduced more and more progressive medical cannabis laws over the last few years, it's safe to assume that legal recreational sales will be soon around the corner.
With a population of more than 24 million people, Australia's cannabis market has been estimated to grow to roughly CAD $9 billion over the next seven years, making the down-under nation a very attractive market for producers.
Having a leg up on the competition and being one of the first large-scale producers in the Australian market should give MYM a significant first-mover advantage over the competition.
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