04:35:29 EDT Wed 24 Apr 2024
Enter Symbol
or Name
USA
CA



Body and Mind Inc
Symbol BAMM
Shares Issued 47,704,317
Close 2018-06-20 C$ 0.45
Market Cap C$ 21,466,943
Recent Sedar Documents

Body and Mind's phase II expansion nears completion

2018-06-20 09:40 ET - News Release

Mr. Robert Hasman reports

BODY AND MIND INC. PROVIDES UPDATE ON CULTIVATION EXPANSION AND MANAGEMENT ADDITION

Body and Mind Inc. has provided a progress report on its phase II cultivation expansion in Las Vegas, Nev. Additionally, the company announces a strategic engagement to advance the Ohio dispensary opportunity and expand Body and Mind product offerings.

Phase II expansion of the Nevada facility is nearing completion with the addition of three new flower rooms, an additional trim area, dry room and expanded packaging area. The company will add approximately 40 per cent more high-pressure sodium lights to the facility, and almost all interior construction and electrical work have been completed. All required external power was specified, permitted and installed last year, and interior electrical permitting is anticipated by mid-July, 2018. The ventilation and cooling will be controlled and monitored by a new facility-wide system, which includes multiple sensors and proprietary feedback loops throughout all cultivation areas.

In addition to adding more cultivation space, the company has completed the installation of an automated watering system and is in the process of adding carbon dioxide delivery, monitoring and control systems throughout the facility.

Once final facility upgrades have been inspected by the State of Nevada, the company will proceed to move clones into the newly constructed space. Increased revenues from the new grow spaces are anticipated to be realized approximately 18 weeks from the completion date of phase II through a full growing and production cycle.

Robert Hasman, a director of Body and Mind, commented: "We've been focused on creating and supplying top-quality cannabis, and our award-winning genetics and products have been widely popular with the rapidly expanding recreational market. Our phase II expansion had relatively low capital costs of approximately $500,000 (U.S.) and has proceeded both on time and on budget. We anticipate the expansion will allow us to cost-effectively increase cultivation within our current facility by roughly 40 per cent while continuing to deliver quality cannabis products."

The company has experienced strong demand for flower, extract and edible products. In an effort to meet this demand, the company has promoted Tanya Reyes as kitchen chef. "Tanya's passion for creating outstanding products, combined with her experience as a commercial confectionary chef and past work with top-tier food companies, has been a huge asset to Body and Mind," stated Mr. Hasman.

Cannabis sales in Nevada posted the largest monthly sales ever in March, 2018, with over $41-million (U.S.) in retail sales across the state. Limited licences in Nevada have prevented the market from being flooded with product, and Body and Mind continues to have strong distribution and shelf space throughout Nevada.

In Ohio, the NMG Ohio partnership, of which Body and Mind owns 30 per cent, has engaged Rachel Rivera as an operational consultant for medical cannabis dispensary operations in Lorain county, northeastern Ohio. "Rachel was a pioneer in the Nevada medical cannabis market and brings significant experience in cannabis dispensary operations to our group," stated Mr. Hasman. NMG Ohio is in the process of working with applicable state and local authorities to progress the medical cannabis dispensary licence. NMG Ohio will provide progress updates regarding the dispensary licence on its new website.

About Body and Mind Inc.

Body and Mind is a publicly traded company investing in high-quality medical and recreational cannabis cultivation and production. The company's wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licences and holds cultivation and production licences. Body and Mind products include dried flower, edibles, topicals, extracts as well as GPEN Gio cartridges. Body and Mind continues to expand operations in Nevada and Ohio and is constantly reviewing accretive expansion opportunities.

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