Body and Mind Provides Update on ShowGrow Dispensaries in California
Vancouver, British Columbia--(Newsfile Corp. - July 23, 2019) - Body and Mind Inc. (CSE: BAMM) (OTC PINK: BMMJ) (the "Company" or "BaM"), a multi-state operator in Nevada, California, Ohio and Arkansas, is pleased to provide an update on the ShowGrow dispensaries in Long Beach and San Diego, California.
Robert Hasman, President of Nevada Medical Group, LLC and board member of BaM, commented, "We are pleased to move one step closer towards the closing of the transaction for ShowGrow Long Beach, which is currently operational and cash flow positive, and the closing of the transaction for ShowGrow San Diego, presently under construction and expected to open in the near term. California is a key part of our growth strategy and falls in line with our plan to invest in profitable, undervalued assets, in limited license jurisdictions. We look forward to working with the ShowGrow team and closing the transaction during the second half of this year."
As previously mentioned in BaM's press release on July 3, 2019, BaM, through its wholly owned subsidiary, NMG Long Beach, LLC ("NMG LB"), has entered into an asset purchase agreement (the "Asset Purchase Agreement") with Green Light District Holdings, Inc. ("GLDH") and The Airport Collective, Inc. ("Airport") to purchase all of the assets related to the ShowGrow Long Beach business and NMG LB is currently managing the ShowGrow Long Beach business pursuant to a management assignment and assumption agreement that NMG LB entered into with GLDH and Airport. In addition, BaM along with NMG LB and BaM's 60% owned subsidiary, NMG San Diego, LLC ("NMG SD"), entered into an amended settlement and release agreement with GLDH, Airport and SGSD, LLC pursuant to which NMG SD has assumed the lease for the ShowGrow San Diego premises, has applied to receive its own medical commercial cannabis retail license and adult-use commercial retail license at the San Diego premises, and is currently proceeding with construction associated with the build out of the San Diego premises to start operations in the near future.
With nearly 40 million residents and the longest-running medical cannabis program in the country, California is the largest cannabis market in the U.S. By the end of 2020, retail sales for both medical and adult-use cannabis in California are forecasted to reach US$4.2 billion.(1)
Long Beach, a city within the Los Angeles area of Southern California, is the 7th most populous city in California with approximately 465,000 residents (www.census.gov). There are currently only 18 dispensaries operational in Long Beach including ShowGrow.(2)
Upon closing of the Asset Purchase Agreement, the ShowGrow Long Beach dispensary and the popular ShowGrow App will become a flagship location to showcase BaM's brand expansion into California.
ShowGrow Long Beach was voted best dispensary in Long Beach in October 2018 by Orange County Weekly(3) and regularly holds events, including vendor markets and 'Cozy Sesh' concerts.
San Diego is the second largest city in California with a population of approximately 1.4 million (www.census.gov) and were approximately 35.8 million visitors in 2018 according to the San Diego Tourism Authority.(4)
The San Diego dispensary location has recently received building permits and renovation has commenced on the approximately 3,000 square foot location with 25 parking locations.
(1) Cannabis Business Daily. (February 14, 2019). California: One Year In.
(2) PotGuide.com California. Medical Dispensaries in Long Beach. https://potguide.com/california/marijuana-dispensaries/long-beach/
(3) OC Weekly Best of 2018. (October 2018). https://ocweekly.com/best-of-2018/cannabis/#readers
For further information, please contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
KCSA Strategic Communications
Annie Graf, Account Director
About Body and Mind Inc.
BaM is a well capitalized publicly traded company investing in high quality medical and recreational cannabis cultivation, production and retail. Body and Mind has a strategic investment by Australis Capital Inc. Our wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licences and holds cultivation and production licenses. BaM products include dried flower, edibles, topicals, extracts as well as GPEN Gio cartridges and Lucid Mood offerings. BaM cannabis strains have won numerous awards including the 2019 Las Vegas Weekly Bud Bracket, Las Vegas Hempfest Cup 2016, High Times Top Ten, the NorCal Secret Cup and the Emerald Cup.
BaM continues to expand operations in Nevada, California, Arkansas and Ohio and is dedicated to increasing shareholder value by focusing time and resources on improving operational efficiencies, facility expansions, state licensing opportunities as well as mergers and acquisitions.
Please visit www.bamcannabis.com for more information.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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