MYM NUTRACEUTICALS Inc (OTCMKTS:MYMMF) is a company in flight. With its recent agreements with the ‘Uber’ of the cannabis industry and appointment of season veterans to beef up its operations, it is no wonder its price skyrocketed from $0.4 to $3.3 in three months. In this piece, we give you all the details of the firm’s latest moves in the market.
Here is the stock’s price movement over the past year:
MYM Nutraceuticals Inc.’s engage in the development of highly organic medicinal marijuana supplements and topical products. The company also has an interest in the design and setup of high-density farming technologies and facilities that allow MYM to expand its brand into the international market. For more information, go to our article here.
Acquisition of Budly Software Incorporated
In January 2017, the firm reported that it had entered into a letter of intent with Budly Software Inc. a significant software development organization that created a mobile phone enabled distribution and sales system linking medicinal cannabis patients with a nearby clinic drivers for quick delivery and tracking of orders. Through the network, customers can select clinics of their choosing, place an order, then select the driver to deliver it. The order can then be tracked on a mobile phone to know the driver’s location and when it will be delivered. The order is placed using the Budly application built for Android, iOS and Windows phones as well as Budly’s website.
Chief Executive, Rob Gietl, explained that there is belief that Budly’s software solution could be a game-changer for MYM as it takes the firm a level closer to attaining its goal of transforming into a fully integrated worldwide cannabis establishment. He added that easy to use, and clean interface would make it easier for patients to place an order on their phones while providing wide-ranging back-end logistics and management control for accredited dispensaries and producers.
Budly’s solution includes 2 Android applications, 2 iOS applications, one web application, a back end and an admin system. The system also has enhanced features such as driver GPS tracking, flexible geo-fencing adjustments for customers, and real-time order confirmations. MYM has plans to add some more capabilities and features to the system soon and to launch Budly globally as more jurisdictions legalize cannabis. The Budly system can easily be personalized for the specific requirements and protocols for varying countries and states.
As specified in the letter signed, MYM is to issue eight hundred thousand (0.8 million) common shares to Budly in exchange for all of the non-U.S. rights to Budly’s software and intellectual property. If federal legislation changes in any country, MYM retains the first right of refusal for the rights in such a place.
Consulting Agreement with Master Breeder, Sasha Przytyk.
MYM and its subsidiary company, Sublime Culture Inc., have entered into a consulting agreement with Sasha Przytyk, who has been appointed as Master Breeder at the Sublime facility in Laval, Québec.
Mr. Przytyk as the master breeder will be responsible for designing an extensive Cannabis seed breeding and development program for Sublime Culture and MYM. His initial assignment will involve searching out and selecting source seed types from other breeders and seed houses with global reputations. Along with that, he is also expected to develop and manage an ongoing research program, to assess and analyze seed strains in different situations. Mr. Przytyk has pledged to create better varieties using hybridization and proper selection in supplying the global as well as Canadian cannabis seed space
He has garnered massive experience in the medicinal cannabis, and horticultural industry is a designated cannabis cultivator, who has been licensed by Health Canada’s MMAR and AMCPR programs as far back as 2009. He was also the first private individual to receive a Hemp Research License from the Heath Canada Industry. He presently owns Shazam Farms International Inc., a cannabis seed brand-management company.
He has a lot of experience as a speaker and delegate at global cannabis conferences and symposiums and is a well-known publisher in the sector, writing multiple materials on seed cultivation.
As agreed in a 5-year consulting agreement, with Shazam Farms, He will receive a signing bonus of $25,000, paid in over 7000 common shares of MYM at a price deemed to be $3.54.
For 2017, revenue amounted to $0.11 million, the first record of revenue since its inception in 2014. It is expected that in years to come, the firm will record higher sales in future periods
In the same period, cost of sales rose by 73%, an indicator that the company has increased its investment in making revenues. The firm is expected to have the cost of sales grow along with revenue in its first few years. It is also a regular trend for developing companies to be unable to generate revenues while still incurring costs.
Gross margin for the financial year was $47,000, up from nil in the previous period. The trend of improved results continued all the way to selling, general and admin expenses which fell by a massive 97% to $0.6 million in the period.
The net loss from operations and net loss amounted to $0.61 million and $0.66 million (as there were no additional expenses) respectively for the period.
MYMMF has continued in its commitment to improving its business and expanding operations. Its value is only likely to go up from here.
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Disclosure: We have no position in MYMMF and have not been compensated for this article.