MYM Nutraceuticals Inc. Is pleased to announce it will begin the planting process for the 2019 growing season at its CBD-rich hemp project situated on 120-acres in Nye County, Nevada.
Further to the announcement of April 30, 2019, the previously acquired 1.6 million CBD-rich hemp seeds have been germinated, sprouted and grown into seedlings in preparation for planting.
The 120-acre pivot (crop circle) has been prepped and is ready for planting. A crop of red clover has been planted to be used as a cover crop to protect the seedlings. All of the equipment, including the auto-planters, has been prepped and the project will now move into the planting stage.
“I am very excited to report that MYM’s cultivation team was on site this week and reported that the plan is proceeding as expected,” said Howard Steinberg, CEO of MYM. “The Nevada project is a key component in our strategy to create a massive CBD-rich hemp footprint around the globe with the goal of becoming one of the largest cultivators and bulk CBD isolate suppliers in the world.”
The Company’s Nevada project is based on a CBD-rich hemp production agreement with immediate revenue-generating potential. MYM has entered into a production agreement with Elite Ventures and invested USD $500,000 to grow one pivot of 120-acres of CBD-rich hemp in Nevada. Elite will plant, grow, and harvest the crop of which MYM is entitled to 50%.
Based on previous crops grown on the property, MYM’s 50% entitlement of the estimated production is 60,000 lbs of biomass to be converted into 2,694 lbs of CBD isolate generating estimated revenue of $7.1 million for MYM by Q1 2020.