MYM UPDATE ON SUBLIME CULTURE AND MANAGEMENT CHANGES MYM UPDATE ON SUBLIME CULTURE AND MANAGEMENT CHANGES
MYM Nutraceuticals Inc. has provided a corporate update on its recently licensed cultivation facility, SublimeCulture Inc., located in Laval, Que., and has made changes to senior management.
MYM is pleased to provide the following update regarding the SublimeCulture licensed facility in Laval.
The company has been working diligently since receiving a cultivation licence on Jan. 31, 2020, and has completed the preparation of the SublimeCulture facility to start production. All starting materials have been sourced, and delivery confirmed for the week of April 13. With the onset of COVID-19, the company has prepared the facility and trained the staff to comply with recommended procedures. As licensed cannabis production has been deemed an essential service in Quebec during the COVID-19 pandemic, the company will be able to continue operations during the outbreak, and has developed a procedure to work in a safe and controlled manner.
The company has appointed Dr. Brigitte Simons (PhD and eMBA) as the responsible person in charge (RPIC) and the quality assurance person (QAP). She is one of the few experts in technical quantitative reporting using mass spectrometry, a technology that is used to deliver accurate potency and testing of cannabis products. Her experience covered drug toxicology, product health and environmental safety, and was essential to the construction of the framework of Bill C-45 for Good Production Practices of Cannabis. Most recently, Dr. Simons was vice-president of laboratories and operations at Molecular Science Corp., a Health Canada-licensed laboratory service company specializing in analytical testing with a mobile lab to service the cannabis industry.
The company has re-engaged seed specialist and master grower, Sasha Przytyz. Mr. Przytyz has extensive experience in the medicinal cannabis and horticultural sector. He is a designated cannabis grower, licensed through Health Canada's MMAR and AMCPR programs since 2009. Mr. Przytyz was the first private recipient of a Health Canada industrial hemp research licence in Quebec. Mr. Przytyz established the Joint Doctor and High-Bred Seeds as world-renowned seed brands. Through the revolutionary strain Lowryder, he introduced the concept of autoflowering cannabis. Lowryder is recognized worldwide as the first 100-per-cent-autoflowering variety, and the Joint Doctor has been dubbed the father of autoflowering. Widely adopted by seed companies today, autoflowering strains now represent approximately 40 per cent of the European seed market.
Effective immediately, Howard Steinberg will step down as president, chief executive officer, and member of the audit and compensation committees for MYM. Mr. Steinberg will remain as chairman of the board of directors. The company would like to thank Mr. Steinberg for his direction and leadership, and looks forward to his continued guidance as chairman of the board.
The day-to-day operations of the business will fall to Robin Linden, who has been appointed president and chief executive officer. Mr. Linden has been with MYM since 2016 and was appointed to the board of directors in 2017, serving several positions within the company.
"While I've stepped down as CEO of MYM, I will remain with the company as chairman of the board of directors," said Mr. Steinberg. "I have full confidence in Mr. Linden's abilities and faith in the company to continue on its path of becoming a successful licensed cannabis producer after recently receiving its cultivation licence from Health Canada for the SublimeCulture facility in Laval, Que."
Ted Tabisz has been appointed interim chief financial officer in place of Mr. Linden and will continue as a director of the company. Mr. Tabisz has decades of experience working in finance in various senior management roles at TD Canada Trust.
The company also announces that a total of 6.8 million incentive stock options have been granted to certain directors, officers, employees and consultants of the company pursuant to the company's stock option plan. The options are priced at six cents per common share. The options granted will vest immediately and expire after three years.
About MYM Nutraceuticals Inc.
MYM is a licensed cannabis producer in Canada. It is uniquely positioned to opportunistically acquire and/or invest in companies within the cannabis and hemp industries that are in need of capital and management support. Its senior management team is made up of experts engaged in a wide array of disciplines -- upper-level management of public companies, finance, law, master growing, plant pathology, agricultural economics, pharmaceutical, engineering, global marketing, product development and branding, distribution, and seed genetics. MYM is a shareholder in two production projects in Quebec and is actively looking to acquire complementary businesses and assets in the cannabis sector.