MYM Nutraceuticals (CSE:MYM) has announced that it has entered into an exclusive agreement to acquire 100 percent interest of the brand “HempMed”, a developer and marketer of Hemp CBD extract, and oil infused nutraceutical products.
As quoted in the press release:
The transaction is valued at over $1,000,000, all in stock. The fast growing HempMed brand is expected to do sales in excess of $1,400,000 in the next 12 months. MYM has plans to build a new high capacity production facility for HempMed that will increase its sales capacity to handle more than $10,000,000 per year. Further, MYM will open new markets and build an effective online retail strategy for the already popular HempMed brand.
The CBD nutraceutical market is growing rapidly worldwide due to an explosion of consumer interest and impressive medical studies on the benefits of high quality hemp CBD products. A recent Forbes magazine article estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. That’s a 700% increase from 2016.
“This is an incredible opportunity for MYM,” commented Jonathon Fiteni, CEO of MYM, “The HempMed team have many years of experience in research, development and over 25 years experience in sales and marketing in Canada, the USA and Worldwide markets. Their experience is invaluable to MYM and its future growth plans and desire to be the leading CBD brand worldwide.”
The current HempMed product line currently consists of over 20 Hemp products and plan to launch several more groundbreaking products over the next 12 months as a direct result of the transaction. MYM plans on expanding HempMed’s existing distribution network which consists of over 60 retail outlets and online sales portals across Canada, the USA, and Internationally. Furthermore, MYM plans to build a brand-new, robust eCommerce website to drive online sales. The current Product line includes signature tinctures, concentrates and oils, edibles, vape products and a line of fast growing pet CBD products which will join the multi-billion-dollar pet market.