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Body and Mind Inc
Symbol BAMM
Shares Issued 101,698,593
Close 2020-07-07 C$ 0.40
Recent Sedar Documents

Body and Mind licenses Shoogies in California

2020-07-08 07:13 ET - News Release

Mr. Michael Mills reports

BODY AND MIND COMMENCES LICENSE OF SHOOGIES BRAND IN CALIFORNIA

Body and Mind Inc. has commenced a licence agreement for directing manufacturing and distribution in the state of California with Sense Distribution, doing business under the brand name Shoogies, a specialty cannabis brand offering THC-infused (tetrahydrocannabinol) all-natural sweeteners.

"Our California retail operations continue to grow after our successful San Diego grand opening and we are excited to see improvements in the Nevada market with increased tourism in Las Vegas," stated Michael Mills, chief executive officer of Body and Mind. "We are proud to be selected by Sense for a new licensing agreement as we continue to expand our manufacturing and distribution operations as a debt-free multistate operator. Shoogies sweeteners target a growing segment of the market with a commitment to the finest sustainable organic cane sugar and agave offerings. Customers and patients have outlined an increased desire for cannabis alternatives and Shoogies' innovative products offer a simple way to change the way you cocktail, bake, eat and drink."

"Shoogies was invented to provide a simple way to integrate cannabis as a sweetener and ingredient to food and drinks that people enjoy. We recognized Body and Mind for their shared culture of quality and deep cannabis experience," stated Latham Woodward, chief executive officer and founder of Shoogies. "We look forward to a long-term relationship with Body and Mind as we expand through California and enter new markets."

Body and Mind cancels options and issues new options

The company has formally cancelled an aggregate of 2,275,000 options, some of which were from the resignations of past directors, and has issued an aggregate of 580,000 new options to consultants/contractors of the company in accordance with the company's incentive stock option plan.

The company has granted 350,000 stock options to a consultant of the company at an exercise price of 88 cents per share and having an expiry date of April 30, 2024. These stock options are subject to vesting provisions such that 25 per cent of the options vest on the date of grant, 25 per cent of the options vest on Aug. 21, 2020, 25 per cent of the options vest on Feb. 21, 2021, and 25 per cent of the options vest on Aug. 21, 2021.

In addition, the company has granted 150,000 stock options to a consultant of the company at an exercise price of 61 cents per share, all vesting on the date of grant and having an expiry date of Dec. 10, 2023.

Furthermore, the company has granted 80,000 stock options to a consultant of the company at an exercise price of 57 cents per share, all vesting on the date of grant and having an expiry date of Dec. 10, 2023.

About Body and Mind Inc.

Body and Mind is a publicly traded company investing in high-quality medical and recreational cannabis cultivation, production and retail. Its wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licences and holds cultivation and production licences. Its products include dried flower, edibles, oils and extracts as well as GPEN Gio cartridges.

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