MYM Nutraceuticals has signed a term sheet for a $25 million equity investment by Alumina Partners, a New York based private equity firm that has made substantial investments in the cannabis space. The investment can be drawn over a two-year period and is expected to close before the end of the year once negotiations of the definitive documentation are complete. The draw-down nature of this investment gives MYM flexibility to build, with the ability to access funds when necessary.
The investment will be used to continue construction on both the Weedon and Laval projects in the province of Quebec and for general corporate purposes. MYM’s subsidiary, CannaCanada, is currently building a 1.5 million square-foot greenhouse in the Eastern Township community of Weedon, Quebec. MYM’s subsidiary, Sublime Culture Inc., has completed the construction of a 10,000 square-foot production facility in Laval, Quebec, with plans to expand to 37,000 square-feet.
“Having access to $25 million will allow MYM and its partners to make substantial inroads on the projects currently under construction in Quebec,” said Rob Gietl, CEO of MYM. “We’re looking forward to advancing our plans to be a major player in the underserved province of Quebec.”
“Quebecois Cannabis is rapidly taking a front seat as a driving economic force behind the emerging market opportunities for regulated Cannabis in 2019,” added Adi Nahmani, Alumina’s Managing Member. “We regard any meaningful early-mover advantage in the province to be a key one, and are excited to support MYM in their accelerated plans to execute toward a decisive leadership role in the space.”