Body and Mind Inc. Provides Shareholder Update on Arkansas Expansion
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2019) - Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the "Company" or "BaM") a multi-state operator, is pleased to provide an update on its expansion into Arkansas pursuant to its arrangements with Comprehensive Care Group LLC ("CCG"), which were previously disclosed on the Company's news release dated March 21, 2019 and the Company's Form 8-K filed with the United States Securities and Exchange Commission on the same date. The companies are working together to develop a medical marijuana facility in West Memphis, Arkansas.
Construction of the dispensary and cultivation buildings are anticipated to start in early September and a general contractor agreement has been finalized with Grinder & Haizlip Construction. The renovation to the current building is fully funded and is expected to be completed in a four to five-month period, subject to local and state approvals.
The facility is anticipated to be approximately 10,000 square feet with roughly 7,000 square feet for cultivation and operations and 3,000 square feet for the dispensary. The cultivation area is anticipated to allow up to 50 plants and the cultivation facility has been designed to allow maximum production per plant.
"We are very pleased with our success in assisting CCG to obtain a dispensary license and are excited to be moving this project forward together," stated Robert Hasman, director of the Company. "We are thrilled to be working with CCG and contributing our significant cultivation skills and retail experience to the project. This facility provides a path to launch Body and Mind products to patients in Arkansas and expand our brand awareness. We are also proud to have been selected as one of only 32 dispensary licenses awarded in Arkansas out of more than 200 applications."
Arkansas' marijuana laws currently allow reciprocity, which means medical marijuana patients with valid recommendations from other states can access medical marijuana in Arkansas if they fill out a visiting patient form and can provide proof of out-of-state registration. The Arkansas Department of Health requires cannabis in the state to be tested by an analytical testing laboratory for cannabinoid concentrations (CBD and THC), heavy metals, microbiological contaminants, solvents, water activity and moisture content.
The State of Arkansas allows medical patients and caregivers to purchase up to 2.5 ounces of marijuana, or 71 grams, of medical cannabis every 14 days from a state-approved dispensary.
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 licenses and holds cultivation and production licenses. BaM products include dried flower, edibles, oils and 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.
For further information, please contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
KCSA Strategic Communications
Annie Graf, Account Director
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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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.
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