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CALGARY, April 6, 2020 /CNW/ – RMMI Corp. (“RMMI” or the “Company“) (CSE: RMMI), licensed to cultivate, produce and sell medical and intra-industry cannabis under the Cannabis Act (Canada), is providing an update to address the current cannabis market and COVID-19 environment.
The Company is continuing its diligent pursuit of additional financing to achieve operations and has engaged several agents to assist in the search, despite stubbornly poor capital market conditions that have been exacerbated by the COVID-19 pandemic. Lenders of its $1 million Secured Note have been understanding and supportive and have agreed to extend the term of the note to April 30, 2020. Further extensions will be considered on a monthly basis.
Although RMMI’s monthly cash costs have always been extremely lean, the Company has implemented a number of steps to further reduce its costs, including salary reductions for all employees. RMMI’s board of directors does not receive cash compensation. RMMI’s independent board members have also formed a committee to seek and consider any and all alternatives available to the Company to enhance shareholder value.
RMMI’s cultivation and processing facility, located in the Brooks, Alberta region, remains in excellent condition and is regularly monitored.
RMMI’s top priority continues to be to secure financing and achieve operational status as soon as possible, in addition to exploring for other value-enhancing opportunities for our shareholders.
For more information on our facility and its technology, please visit: www.rmmi.ca
About RMMI Corp.
RMMI is an Alberta based company that focuses on the production, cultivation and sale of marijuana in various forms. RMMI, through its wholly owned subsidiary, Rocky Mountain Marijuana Inc., is a late stage applicant under the Cannabis Act (Canada) and is in the process of obtaining its license to commence cannabis production and operations. Rocky Mountain blends science with nature, using aeroponic cultivation and CO2 extraction, and intends to produce high-purity, organic-quality cannabis and cannabis oils. RMMI’s team will employ leading commercially available science and technology to maximize production yields and product quality as a low-cost producer, while reducing risk to its crops and its business.
SOURCE RMMI
For further information: Earl Connors, President and Chief Executive Officer, [email protected], 587-392-7661
