There is an abundance of cannabis penny stocks out there. The market is volatile, but it’s good to keep your eyes out for the potential hum-dingers of tomorrow.
We’re looking at MYM Nutraceuticals (CSE:MYM) today. MYM has been making steady gains since Wednesday.
Cannabis Penny Stocks: MYM Nutraceuticals Inc.
MYM stock is currently selling for $0.77 CAD. This cannabis penny stock company has been actively spreading its footprint of late, and it isn’t going unnoticed.
Most recently, it signed a conditional agreement to acquire 49% of Sunmark Growth. Sunmark is a newly formed Australian cannabis company based in New South Wales.
It’s a very new company; Sunmark is still only applying for cannabis production and research licenses from the ODC, the government agency that handles cannabis licenses in Australia.
However, the founders of Sunmark have over 17 years of combined agricultural experience. The companies will transform over 5,000 hectares of farmland into one of the largest licensed outdoor cultivation operations in Australia.
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It’s a smart move for MYM to make. If this goes to plan, it will place MYM in the heart of a huge, newly-legalized medical cannabis market. Having such a presence at this early stage will be imperative for long-term growth and ensures customer loyalty.
According to its website: “MYM Nutraceuticals is focused on constructing high-quality cannabis growing facilities while building, acquiring, and growing businesses to become a world-class cannabis brand.”
The cannabis penny stock has ties to Australia already; earlier in 2018, it entered a two-year agreement with Dutch Passion, an Amsterdam-based cannabis seed developer and distributor. This partnership will see the production and distribution of Dutch Passion branded products and seed genetics in Australia.
Back in Canada, MYM has stakes in two production projects in Quebec that when completed should create over 1.8 million square feet of production space.
Such is its business model, MYM Nutraceuticals is actively looking to acquire complementary businesses and assets in the technology, nutraceuticals, and CBD sectors, so as to seize the potential in this budding industry.
Featured Image: Depositphotos/© St.Wolf