MYS Group Co., LTD marches into the cannabis industry

On the evening of June 9, MYS Group Co., LTD (002303) issued the “Notice on the Progress of the Industrial and Commercial Registration of the Holding Subsidiary and the Industrial Cannabis Industry Development Project of MYS Group”.

According to the announcement, MYS reviewed and approved the twenty-sixth (provisional) meeting of the fourth board of directors held on May 16, 2019, on the implementation of the investment in Wenshan Prefecture <MYS Group Industrial hemp Industry Development Project> The motion. The company, Wenshan Zhuang and Miao Autonomous Prefecture People’s Government and Yunnan Gugeng Agricultural Science and Technology Development Co., Ltd. completed the signing procedure of the Industrial Hemp Industry Development Cooperation Agreement on May 16, 2019. The company and Gugeng Agricultural Company intend to establish a joint venture company to invest in the construction of the industrial cannabis industry development project of MYS Group in Wenshan Prefecture. The total investment of the project is about 500 million yuan. On May 17, 2019, the company signed an Investment Cooperation Agreement with Gugeng Agricultural Company, which clarified the future business of the MYS Group Industrial Cannabis Industry Development Project, the equity ratio of the joint venture company and the company’s relationship with Gu Geng Agricultural Company. Matters such as rights and obligations.

On June 6, 2019, the above-mentioned joint venture company (the company held 70% of the joint venture company) was established and received a business license. The company name is Yunnan Wenma Biotechnology Co., Ltd., and the residence is 2-13 Jingyi Garden, Chengnan Sports City, Wenshan City, Wenshan Zhuang and Miao Autonomous Prefecture, Yunnan Province. The legal representative is Huang Lin. The registered capital is RMB 10,000 yuan. The company type is limited liability. The company was established on June 06, 2019, and the business period was from June 06, 2019 to June 05, 2069. The company’s business scope is: industrial cannabis research, seedling breeding, raw material planting, processing, sales; cannabisdiol (CBD) processing and extraction; industrial hemp seeds in artificial meat, vegetable protein powder, plant milk, hemp seed oil, special Application research and development, production and sales of food and beverage products such as formula foods for medical use; research and application of Internet and Internet of Things technologies in agriculture; research and development, production and sales of biomedical products and e-cigarette products; research on nano biomaterials And application; import and export of goods or technology (except for goods and technology imports prohibited by the state or involving administrative approval and administrative approval).

Further Reading: Cannabis in China

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