VANCOUVER — MYM Nutraceuticals Inc. has announced the City of Laval, Que. has approved building permits for MYM to begin construction on its Laval cannabis production project.
Phase one of the Laval facility will permit production of 1,000 kilograms of medical cannabis annually, representing approximately $7 million in gross revenue for the company, a media statement issued recently said.
"With the approved permits, architectural drawings and security plans already in place, MYM has commenced construction of the Laval project," said Rob Gietl, CEO of MYM, in the statement. "We are building within our existing warehouse building which accelerates our construction timeline to approximately 90 days."
Estimated completion of phase one construction will be in the fourth quarter of 2017. MYM has contracted with ICORE Construction to oversee and execute construction.
Phase two of the Laval project will consist of building an additional 16,000-square-foot facility for the growing and manufacturing of medical cannabis products. The new plant will be capable of producing 1,800 kilograms of medical cannabis annually, an increase of approximately $13 million in gross revenue for the firm. Phase two application permits will be ready for submission within 60 days with a construction completion date in the third quarter of 2018.
MYM Nutraceuticals Inc. is a producer and seller of organic medicinal cannabis supplements and topical products, the statement indicated. MYM shares trade in Canada, Germany and the U.S.