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Vancouver, British Columbia--(Newsfile Corp. - April 26, 2019) - Body and Mind Inc. (CSE: BAMM) (OTC Pink: BMMJ) (the "Company" or "BaM") a multi-state operator, is pleased to announce it has signed a long term lease to relocate its production facility to a new campus located within one mile of the Pepper Lane cultivation facility. The new facility is approximately 7,500 square feet and is anticipated to be operational within 90 days pending license transfer approvals from local and state authorities. The Company plans to move the current production licence and will not need to apply for a new license to produce edibles, oils and extracts.
BaM will introduce new mechanization and automation equipment to support expansion of the BaM product lines, SKU's, and efficiencies. The Company is currently testing new edible, oil and extraction products that upon successful testing will be manufactured at the new facility and marketed under the Body and Mind marquis life style brand.
"This is an exciting development for BaM as our production output has been limited by space constraints. The new facility will enable us to meet the increased demand for our products, allow us to better serve our distribution partners, and allow us to introduce new products. It is anticipated that the BaM product lines will be introduced into the other states in which we have a presence in the near term," stated Robert Hasman, President of Nevada Medical Group LLC and board member of Body and Mind.
The Company is pleased to provide a corporate update on multi-state initiatives:
Arkansas
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Architectural drawings and engineering of our retail store are pending completion and submission to local permitting authorities has begun. Pending approval, we will commence construction and anticipate opening in Q3 of 2019. Capex is anticipated to be approximately USD $1.5m.
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The store will be branded under a new corporate marketing initiative using the "Body and Mind" dispensary brand.
Ohio
California
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BaM continues to hold its investment in a convertible equity instrument into GLDH announced November 28, 2018. The deal has since been amended from 89.75% to 100% of the shares in GLDH and BaM maintains the option to convert at any time.
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BaM and GLDH continue to work toward a definitive agreement as state licensing remains complex. BaM is working with a top California cannabis attorney to create an optimal structure.
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GLDH's 100% owned Long Beach store has recently received an adult use permit.
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GLDH's minority equity interest in ShowGrow Las Vegas is under dispute among the Las Vegas members and as such, GLDH and BaM are contemplating removing the asset from the pending definitive agreement and removing the corresponding consideration from BaM for this asset.
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BaM's 100% owned California subsidiaries in conjunction with an equity partnership group have recently applied for two new retail licenses in California. via application.
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BaM is actively assessing a number of opportunities throughout the state to expand the Body and Mind brand.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Michael Mills
778-389-0007