Mym Nutraceuticals Inc (OTCMKTS: MYMMF) remains subdued in a tight trading range even on starting the year on a roll. Subdued market activity, as well as price action, comes even on the company serving a number of catalysts that continue to affirm long-term prospects.
Mym Nutraceuticals Price Analysis
The company is fresh from inking a strategic partnership with World Ventures for the cultivation extraction and distribution of 3,000 acres of CBD-rich hemp.
The company has also set sights on Mexico as the next battleground ahead of the much-awaited legalization of pot in the country. Colombia is another cannabis market frontier that MYM Nutraceuticals remains focused on, after acquiring an 80% stake in Colombia Organica.
Mym Nutraceuticals positioning itself to become a global leader in cannabis in view of recent developments explains why it deserves a higher valuation. The stock continues to show strong signs of a rebound as the $0.35 mark has emerged as a strong support level.
The formation of a double bottom at the all-time lows support further upside action on the stock’s market sentiments improving in view of recent developments. A rally followed by a close above the $0.48 mark should pave the way for the stock to bottom out after the underperformance of the past year.
Above the $0.48 mark, the next resistance standing in the way of the stock turning bullish would be the $0.80 mark. Conversely, below the 0.48 resistance mark, MYM Nutraceuticals remains susceptible to further drops given the underlying bearish trend.
About MYM Nutraceuticals
MYM Nutraceuticals cultivates produces and distributes hemp-based cannabidiol extracts, and oil infused nutraceutical products. The company also acquires complementary businesses as well as assets in the technology Nutraceuticals and CBD sectors.
Even as MYM Nutraceuticals has continued to take a hit in the market, it continues to position itself to become a global leader in hemp, cannabis and seed cultivation. The company has inked a string of strategic partnerships, poised to strengthen its cannabis cultivation and production capabilities.
A strategic partnership with Aqueous Sciences a subsidiary of One World Ventures has resulted in the formation of MYM One Word LLC. The new joint venture is tasked with the responsibility of cultivating, extracting and distributing 3,000 acres of hemp on Navajo Nation land. The two are funding the joint venture with up to $2 million for operating and capital cost.
MYM Nutraceuticals and Aqueous have also extended their activities to include extraction, manufacture, and distribution of hemp-based products as part of the joint venture.
”Our partnership with Aqueous is in keeping with our new strategic plan to become a global leader in the cultivation, extraction, and distribution of hemp and CBD in bulk and for use in our own unique branded products,” said Howard Steinberg, CEO of MYM.
In keeping up with the aggressive expansion plan, MYM Nutraceuticals is in the process of establishing an office in Mexico. Expansion into Mexico follows the confirmation that the government is in the process of passing legislation for the regulation of cannabis and its derivatives at the national level.
In Colombia, MYM Nutraceuticals has acquired an 80% stake in Colombia Organica a holder of 3 licenses in the Latin America nation. Colombia presents an exciting venture for the company given the region’s conducive climate for growing cannabis.
Plans are already underway for the construction of a facility near Medellin for the cultivation and processing of cannabis products.
In the U.S, MYM Nutraceuticals has entered into an agreement with Elite Ventures to grow 120 acres of CBD-rich hemp in Nevada. The company has since acquired rights to 50% of CBD rich hemp grown by Elite at the parcel of land in Nevada.
MYM Nutraceuticals remains on track to become an industry leader in cannabis cultivation and production. The signing of global partnerships paves the way for the company to expand its footprint into some of the biggest and fastest growing cannabis marketplaces.
Thanks to the geographic partnerships, MYM Nutraceuticals is in a prime position to take advantage of cultivating at low costs while distributing in high revenue regions. The diversification drive should continue to excite investors as it reduces reliance on a particular market for sales.
That said MYM Nutraceuticals continues to show signs of a strong rebound given the underlying developments that underscore long-term prospects.
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Disclosure: We have no position in MYMMF and have not been compensated for this article.