pcJ News Briefs – MYM Nutraceuticals Inc. (CSE: MYM) has entered into a binding letter of intent to acquire San Francisco, California based Budly Software, Inc.
MYM will issue 800,000 common shares to Budly in exchange for all non-U.S. rights to Budly’s software and intellectual property. Should federal legislation change in the States, MYM will have first right of refusal for the rights in that country.
MYM stock closed at $3.79 on January 4, 2018, valuing the deal at $3.032 million.
Budly is a leading software company that has developed a smartphone-enabled sales and distribution system connecting medicinal cannabis patients with local dispensary drivers for fast delivery and monitoring of orders.
photo credit: MYM Nutraceuticals
MYM Acquires Budly, the “Uber of Cannabis”
January 5, 2018
Vancouver, B.C., January 5, 2018 – MYM Nutraceuticals Inc. (CSE: MYM) (the “Company” or “MYM”) is pleased to announce that the Company has entered into a binding letter of intent with Budly Software Inc. (“Budly”), a leading software company that has developed a smartphone-enabled sales and distribution system connecting medicinal cannabis patients with local dispensary drivers for fast delivery and monitoring of orders. Using the system, a customer can select a dispensary, place an order, and then choose a driver to deliver it. The customer can then track the order on his smartphone and knows exactly when it will arrive. Orders can be placed via the Budly app on iOS, Android and Windows phones, and via the website www.budly.com.
“The Budly software is a game-changer for MYM because it brings us one step closer to becoming a fully integrated global cannabis company,” commented Rob Gietl, CEO of MYM. “Budly’s clean and simple interface allows orders to be easily placed by patients, right on their phone, and provides extensive back end management and logistics control for licensed producers and dispensaries.”
The Budly system consists of two iOS apps, two Android apps, one web app, a dispensary backend admin and a master admin system. The system also has advanced features such as GPS tracking of drivers, flexible geo-fencing adjustments for customers, and real-time order confirmations. MYM intends to add more features and functions to the Budly system in the near future, and to launch Budly globally as more jurisdictions legalize cannabis. The Budly system can easily be customized for the individual requirements and regulations for different countries and regions.
Pursuant to the letter of intent, MYM will issue 800,000 common shares to Budly in exchange for all non-U.S. rights to Budly’s software and intellectual property. Should federal legislation change in the States, MYM will have first right of refusal for the rights in that country. The completion of the transaction is subject to the approval of the Canadian Securities Exchange.
About MYM Nutraceuticals Inc.
MYM Nutraceuticals is an innovative company focused on acquiring Health Canada licenses to produce and sell high-end organic medicinal cannabis supplements and topical products. MYM has two production projects in Québec that when completed will have over 1.5 million square feet of production space. MYM is also a partner in a 1.2 million square-foot production project (the Northern Rivers Project) in New South Wales, Australia. Australia is an exciting new market that has recently legalized medicinal cannabis. To ensure a strong presence and growth potential within the industry, MYM is actively looking to acquire complementary businesses and assets in the technology, nutraceuticals and CBD sectors. MYM shares trade in Canada, Germany and the USA under the following symbols: (CSE: MYM) (OTC:MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
About Budly Software Inc.
Budly is the modern way for medicinal cannabis patients to get their medication quickly, safely and easily. Budly is a mobile application that enables patients to order medicinal cannabis from their local dispensary. Simply choose a dispensary, place an order, then choose a driver. Accept the order and the countdown clock starts, letting the customer know when the order will arrive. Learn more at www.budly.com.
ON BEHALF OF THE BOARD
Rob Gietl, CEO
MYM Nutraceuticals Inc.