MYM Nutraceuticals Inc., announced that planting is now complete for the 2019 growing season at the CBD-rich hemp project situated on 120-acres in Nye County, Nevada.
Further to the announcement of June 13, 2019, the 120-acre pivot (crop circle) has been successfully planted. 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%.
“I’m happy to report that the CBD-rich hemp seedlings at the Nevada project have now been planted. The planting went as planned and our team of experts will continue to monitor the progress through the harvest and processing stages,” 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. Nevada serves as a low-risk entry into the US market that is expected to reach $23 billion by 2023.”
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.