Body and Mind Obtains Provisional License for San Diego Dispensary
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2019) - Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the "Company" or "BaM"), a multi-state operator is pleased to provide an update on the ShowGrow dispensary in San Diego, California.
NMG San Diego, LLC, a 60 % owned subsidiary of BaM, has received a provisional Medicinal-Retailer License for the ShowGrow San Diego dispensary. The fully funded San Diego dispensary is approximately 3,700 square feet with roughly 25 parking locations and is currently under renovation. Ongoing work includes framing and electrical rough in, preliminary plumbing inspection, installation of low voltage system and HVAC.
Robert Hasman, President of Nevada Medical Group, LLC and board member of BaM, commented, "We are pleased to move one step closer towards full medicinal and adult-use licensing for ShowGrow San Diego which is presently under construction and expected to open in Q1 2020. In the San Diego jurisdiction, due to local permitting requirements, a medicinal license is required prior to application for an adult-use license and the Company is moving forward with application for an adult-use license anticipated to coincide with the opening of the dispensary. 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."
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)
San Diego is the second largest city in California with a population of approximately 1.4 million (www.census.gov) and there were approximately 35.8 million visitors in 2018 according to the San Diego Tourism Authority.(2)
(1) Cannabis Business Daily. (February 14, 2019). California: One Year In.
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. 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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