MYM Nutraceuticals Executive Chairman Erick Factor talks about the company’s transition into a global, fully integrated cannabis brand.
As one of the founders of the company, MYM Nutraceuticals (CSE:MYM) Executive Chairman Erick Factor has seen MYM transition from a production- and manufacturing-focused company towards being a global, fully integrated cannabis brand.
Since going public in 2014, the company has increased the number of its product lines and has entered into multiple jurisdictions around the world, making a point of building syndicates of doctors and other opportunities for educating communities on the cannabis plant.
In the interview below, Factor provides highlights on the company’s work as it moves towards being a global brand. He also outlines his views on the Canadian cannabis market and on how the North American country will become a leader in best practises for cannabis production once recreational legalization is deployed.
Below is a transcript of our interview with MYM Nutraceuticals Executive Chairman Erick Factor. It has been edited for clarity and brevity.
Investing News Network: Please give our investor audience an overview of MYM and its position as a global cannabis company.
MYM Nutraceuticals Executive Chairman Erick Factor: When MYM went public in 2014, the intention of the company was to be a fully integrated, seed-to-sale global brand. With that in mind, we have been developing our seed-to-sale intellectual property (IP) in Canada and are now moving it into different countries like Australia, Colombia, and are working on going into both Israel and Holland as well.
INN: As the company’s founder, how has your vision for MYM shifted since the company’s inception?
EF: When we started MYM, the initial intent for the company was obtain our ACMPR production license and to develop a global, fully integrated brand with various IPs. We started out by taking those steps and we have since created numerous product lines. We are also working with various extraction companies to find the best use for cannabis by-products and delivery systems.
As we expand into different countries, we have done so with the goal of creating impactful footprints in each jurisdiction, particularly through economic growth, job development and the opportunity for governments to create further taxable income. We are also focused on educating the people we work with and around.
When we entered Weedon, Quebec, there was a lack of understanding regarding the cannabis plant. To help address that, we have worked on creating a syndicate of doctors from the University of Sherbrooke and are also talking to a group of doctors at the University of British Columbia. We have also replicated this in Colombia and Australia and are talking to a number of doctors there, inclusively at Southern Cross University.
With this switch in vision, we are stepping beyond just production and manufacturing and are moving towards doing more impactful things.
INN: Please tell our investors about MYM’s upcoming facility in Weedon, Quebec. Besides production and manufacturing, what are the goals for the facility?
EF: Besides manufacturing and production, the goal at Weedon was initially to help create job security within the municipality. In discussions with the mayor, we were informed that the current industries in Weedon were struggling to stay open and to retain employees. This meant that the city was losing its workforce. What we did was to create an opportunity to increase employment in Weedon while also increasing education, resource and development, tourism by building an ecosystem.
INN: What is next for MYM and how does that fit into the company’s long-term plans?
EF: We are going to continue our global expansion while also interacting with universities and researchers in each region we work in, and creating a global syndicate of doctors for research and development clinical studies. Through these studies, we want to uncover how the plant can continue to be utilized for human and animal consumption, and also help inform the communities we work within so that they can make informed policy decisions. We feel that it is important for the public to be educated on the health benefits associated to cannabis, and also on the economic growth the industry can provide.
INN: As MYM advances the build of its facilities in Quebec, what are your expectations for the Canadian cannabis market with legalization on the horizon?
EF: With legalization, Canada will become a global leader in the best practises and quality production, while also leading the way in research and development and clinical studies used to educate the public.
Legalization also offers the opportunity to create a vast workforce that will cover various aspects of the plant and its products. This could include jobs in developing packaging to accessories to textiles.
If the market does become oversaturated, we at MYM have positioned ourselves to be a leader in the exportation of medical cannabis by extending our footprint across a number of different countries and creating relationships with those who have an impactful position within global exportation.
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