Vancouver-based medical cannabis company MYM Nutraceuticals Inc. (CSE:MYM) has completed its acquisition of 329 acres of land for the construction of a new medical cannabis greenhouse, in Weedon, Quebec on Tuesday.
The company was able to purchase the land for approximately $660,000 CAD and construction of the greenhouse is currently underway.
According to MYM, the land will be used to build a “1.5 million square foot state-of-the-art medicinal cannabis greenhouse facility.”
CEO of MYM Rob Gietl has said that “finalizing the purchase of 329 acres for the Weedon project…is a major milestone for MYM and [its] stated goal of becoming one of the world’s largest producers of medicinal cannabis.”
Gietl has thanked the Municipality of Weedon for their cooperation in regards to the completion of the transaction.
Before MYM purchased the acreage, the land used to be a quarry, which has benefited the company’s construction plans. The company will be able to use the on-site supplies and materials to save on building costs that will also lower any negative environmental impact.
As well as the greenhouse, MYM also plans to build a “multipurpose CannaCentre complex that will house a museum, auditorium, learning centre, restaurant, bookstore, hotel, and cannabis research and innovation centre.”
Shares of the company have been growing steadily since the announcement was made on Tuesday, June 5.
The company was able to close at a share value of $1.40 CAD on Tuesday, which then jumped to a $1.65 closing value on Wednesday.
On Thursday, the company saw an additional rise in share value of nearly 5% and reached a high of $1.83 and a low of $1.62.
In addition to trading on the Canadian Securities Exchange (CSE), MYM also trades in the US (OTC:MYMMF) and Germany (FRA:0MY).
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