MYM Nutraceuticals Inc., (CSE: MYM) (“MYM”) is pleased to announce that, together with the Mayor of Weedon, Mr. Richard Tanguay, have officially broken ground on the construction of its 1.5 million square foot greenhouse project in Weedon, Quebec. Work has started on clearing the land and constructing two buildings, including an initial greenhouse that will be used to support the request for certification to Health Canada which is part of the current license application. This phase will be completed by the end of 2018.
The Weedon mayor expressed his elation to see that construction has finally began. “The municipality of Weedon will become one of the most important production sites for medical cannabis in the world. Thinking of all the new jobs and businesses that the facility will bring to the region fills me with hope. I couldn’t be happier than today.”
The Chairman of the Board for MYM Nutraceuticals, Mr. Erick Factor, was delighted to see the project taking shape. “Since the announcement of this project in June 2017, we have spared no effort to achieve this goal as quickly as possible. Today we take the first step in helping Quebec get its fair share of cannabis production in Canada. We will emerge as a powerful engine for economic development in the region by creating 400 new direct jobs while generating significant tax revenues for the government of Quebec and Canada. We are proud to be here in Quebec and Weedon, the hospitality of the Eastern Townships has been incredible. A heartfelt thank you to everyone involved.”
MYM’s CEO, Rob Gietl, added that “MYM Nutraceuticals is currently building three large scale production facilities in Canada and Australia. Once completed, these three projects will provide the company with 2.7 million square feet of production surface.”Mr. Gietl also mentioned very impressive numbers from an MYM commissioned Deloitte study, “Over 1900 fulltime equivalent jobs will be created in Quebec, with 400 direct jobs at the greenhouses here in Weedon alone. For Québec, the economic impact over a fifteen-year period is estimated at $2.2 billion in addition to the construction costs.”
Mr. Gietl explained that the Quebec and Canadian governments will receive significant tax revenues. Over 15 years, these projects will generate tax revenues of $495 million for the Quebec government and of $280 million for the Canadian government.
Rob Gietl concluded by saying that “The Weedon Project is up and running! The recently announced purchase of 329 acres of land and two buildings; the retaining of the services of the Historical Society of Sherbrooke to develop the concept of the cannabis museum; the arrival in Weedon of new team members hired in connection with the project; and the appointment of Mr. Fabian Garcia as project manager in Weedon. These events clearly indicate that this project has now reached its cruising speed. We’re up and running…”