Body and Mind Enters Michigan Cannabis Market – New Cannabis Companies

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Body and Mind begins expanding vertical market in Michigan

LAS VEGAS and VANCOUVER, BC, Sept. 21, 2021 / PRNewswire / – Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the “Company” or “BaM”), a multi-state operator focused on Limited Licensing Markets, is pleased to announce plans to enter the Michigan market with fully funded pharmacies, cultivation and manufacturing facilities. BaM, through wholly owned subsidiaries, has leveraged its expertise in navigating licensing and approval processes from other state and local agencies and has added Michigan to its growing list of licensing achievements.

Michigan is a lucrative cannabis market. In 2020, Michigan retail cannabis stores sold $ 985 million in cannabis products, with approximately one in five Michigan residents consuming adult cannabis sales. **

The multi-billion dollar market in Michigan continues to consistently break sales records, and the decision to copy our successful vertically integrated model in such a thriving cannabis market was an easy one to make. Our team has been successful in securing locations for each facility, and our licensing team has obtained local and state pre-approval licenses for the pharmacy, cultivation and manufacturing operations.

Michael Mills, CEO of Body and Mind

We are fully funded for development and our strategy is to replicate our previous successes in building shareholder value by acquiring licenses and quickly and efficiently developing each operation into positive cash flow as quickly as possible. We continue to explore numerous ways to bring the Body and Mind brand, award-winning line of products, and vertical expertise to the Michigan market and beyond.

Cultivation and production facilities

The company has rented a commercial building in Manistee, MI to develop a 50,000 square foot extension and manufacturing facility. The architectural plans for phase one, which is planned for 20,000 square meters of roofing, 5,000 square meters of processing and 5,000 square meters of multipurpose and office space, are complete. The second development phase is planned for 30,000 square meters of roofing.

“Body and Mind has years of growing experience and strong genetics that we believe will be well received by the Michigan market. In addition, our grow team continues to develop new genetics to complement our award-winning buds and concentrates that we plan to introduce to the Michigan market, ”said Trip Hoffman, COO of Body and Mind. “The building was chosen in one location to optimize rental and operating costs, with access to enough electricity so that our development team can quickly go through the construction process. The wholly owned subsidiaries have received pre-approval government permits for cultivation and production, and the company plans to begin construction in the coming weeks. “

pharmacy

Body and Mind has obtained local and state licenses for its first Michigan pharmacy in Muskegon through a wholly owned Michigan subsidiary. This is a social justice license issued in a restricted licensing jurisdiction. The architect’s plans are ready, the company has received the building permit and construction of the rented building has started. The Body and Mind pharmacy is located on a main thoroughfare with exceptional parking.

“Body and Mind is a community building company and we are very confident that we can work with the City of Muskegon to use their social justice program to raise awareness and financial support for the disproportionately affected minority communities and individuals create, ”said Trip Hoffman, COO of Mind and Body.

In return for leases and rent reductions during development and construction, the company is committed to issuing shares based on milestone attainments for each project. In total, up to $ 150,000 of shares will be issued in respect of the Muskegon Issuer, with shares being issued based on license milestones, of which the company will issue 238,929 common shares at an assumed price of $ 0.3938 per share (valued at $ 75,000 of shares) according to the terms of the lease. In total, up to $ 1,000,000 worth of shares will be issued in connection with the Manistee cultivation and production operations, with shares being issued based on licensing and operating milestones, of which the company will own 1,304,601 common shares at an assumed price of Will issue $ 0.3912 per share (shares valued at $ 400,000) based on the terms of the leases. The common stock issued to the landlord includes the required hold period under Canadian securities laws and the required restrictive legend under US securities laws.

The company is pleased to announce that it intends to hire Stonegate partners for a three-month term for $ 5,000 per month from October 1, 2021 through December 31, 2021. Stonegate partners will provide social media, customer contact and strategy for the company.

* Michigan Cannabis Marker Growth and Size statistics from Anderson Economic Group on behalf of the Michigan Cannabis Manufacturers Association

** Michigan Marijuana Regulatory Agency monthly report August 1, 2021 – August 31, 2021.

About Body and Mind Inc.

BaM is a business-focused, multi-state operator that invests in the cultivation, production, and retailing of high-quality medicinal and recreational cannabis. Our wholly owned subsidiary in Nevada received one of the first medical marijuana cultivation licenses and has cultivation and production licenses. BaM products include dried flowers, edibles, oils and extracts, and GPEN Gio cartridges. BaM cannabis strains have won numerous awards including the 2019 Las Vegas Weekly Bud Bracket, 2016 Las Vegas Hempfest Cup, High Times Top Ten, NorCal Secret Cup, and Emerald Cup.

BaM continues to expand operations in Nevada, California, Arkansas, Ohio and Michigan and is dedicated to increasing shareholder value by focusing resources on improving operational efficiencies, plant expansions, state licensing opportunities, and mergers and acquisitions.

Original press release

Published by NCV Newswire

NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to curate high quality content and information on leading cannabis companies to help our readers filter out the noise and stay up to date on the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated anyway. Do you have a confidential news tip? Get in touch.

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