VANCOUVER, British Columbia, Sept. 20, 2018 (GLOBE NEWSWIRE) — Body and Mind Inc. (CSE: BAMM, US OTC: BMMJ), (the “Company” or “BAM”) announces the Company’s wholly-owned subsidiary, Nevada Medical Group LLC (“NMG”) has recently submitted four dispensary license applications in the State of Nevada. The dispensary license application process has been limited to current cannabis license holders in good standing with the State of Nevada.
The State of Nevada opened the application period for new dispensary licenses on September 7th, 2018 and the period closes on September 20th, 2018. The Nevada Department of Taxation is anticipating awarding new provisional dispensary licenses to successful applicants on or around December 5th, 2018.
The company initiated the application process many months ago and has submitted Nevada dispensary license applications within the City of Las Vegas, Clark County, City of North Las Vegas and the City of Reno.
Robert Hasman, BAM director commented, “We are delighted to submit four applications for retail licensing in the State of Nevada which was a culmination of efforts by our management team and in-state partners. Our strategy was to target underserved, high-traffic areas where competition is limited. We believe this is consistent with the mandate of the state. We also believe that the state will look to level the playing field for those who do not yet have vertical integration. Beyond Ohio and Nevada, and combined with what we believe to be a favourable share structure, we continue to look for grass roots licensing opportunities to create significant value for our shareholders in a low-cost organic manner.”
NMG has submitted the four Nevada dispensary applications with a local in-state partner group and a number of other individuals (the “Applicant Group”), all of whom provided the necessary experience and bonding for the applications. The Applicant Group, which includes two BAM directors acting in their own capacity, will co-fund the application as well as construction and development pending successful applications. In their capacity as directors of BAM, and where applicable regarding the license applications, both BAM directors abstained from voting to avoid any conflict of interest. Upon the issuance of one or more provisional dispensary license(s), NMG will formally apply to transfer 24.5 % of the license(s) to the in-state partner group, subject to state approval. Additionally, and only upon successful receipt of a provisional dispensary license(s), BAM has also agreed to pay to three individuals of the Applicant Group CAD $62,500 as a gross fee as fair value for their contributions to the applications and to settle the gross fee by way of the issuance of an aggregate 125,000 restricted shares of common stock in the Company to the three individuals within ten days upon the Applicant Group being awarded and receiving one or more of the Dispensary Licenses.
Ohio Dispensary and Production Progress
BAM and its strategic in-state investment partners are rapidly moving forward with construction and state approvals for the recently awarded dispensary to NMG Ohio LLC located in Elyria, Lorain County, Northeastern Ohio (see news release dated June 7, 2018). The Company maintains a 30% ownership interest in NMG Ohio LLC. NMG and its strategic in-state investment partners have also recently been awarded a medical cannabis production license (see news release dated September 19, 2018).
Architect drawings for the new dispensary interior are complete and local and state authorities have provided construction approval. The Ohio state authority has approved various advertising and marketing materials and the Company is working to engage and educate local patients during the construction phase.
The Ohio medical marijuana program provides access to medical cannabis products such as edibles, oils, patches and vaporizers to authorized and approved patients having one or more of 21 medical conditions. Medical marijuana patients and their caregivers will be required to register with the Ohio Board of Pharmacy to receive patient identification cards necessary to buy medical marijuana from licensed dispensaries. Patients and their caregivers will be allowed to possess up to a 90-day supply.
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 regarding Body and Mind Inc. please contact:
Michael Mills 778-389-0007
About Body and Mind
Body and Mind is a publicly traded company investing in high quality medical and recreational cannabis cultivation and production. Our wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licences and holds cultivation and production licenses. Body and Mind products include dried flower, edibles, topicals, extracts as well as GPEN Gio cartridges. Body and Mind marijuana strains have won numerous awards including the Las Vegas Hempfest Cup 2016, High Times Top Ten, the NorCal Secret Cup and the Emerald Cup. Body and Mind continues to expand operations in Nevada and Ohio and is constantly reviewing accretive expansion opportunities.
For more information please visit our web site at www.bammarijuana.com
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of activities, variations in the underlying assumptions associated with the estimation of activities, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
Source: Body and Mind Inc.