Mr. Michael Mills reports
BODY AND MIND RECEIVES NEVADA DISTRIBUTION LICENSE AND PROVIDES CORPORATE UPDATE
Body and Mind Inc. has received a cannabis distribution licence in Nevada. The licence is pending final local city approvals.
"The distribution licence allows us to deliver our own product, as well as all contracted products we manufacture, directly to our vendors," stated Michael Mills, chief executive officer of Body and Mind. "This licence allows us to further strengthen our supply chain and reduce the costs and risks of third party distribution in Nevada."
In October, 2020, the company became aware of a complaint for disciplinary action by the Nevada Cannabis Compliance Board (the CCB) with respect to Nevada Medical Group LLC (NMG), the company's Nevada operating subsidiary.
NMG has continued to operate without interruption while it has worked closely on a settlement agreement regarding the complaint. The Nevada Compliance Board approved the settlement agreement with NMG on Dec. 18, 2020, with the agreed settlement comprising a combination of a fine payable in instalments and a formal warning for certain violations and no licence termination or suspension of the Nevada cultivation licence. NMG and the company are committed to the integrity of the regulated marketplace.
The company has been renovating the Nevada cultivation facility to add additional cultivation space. The first modification has been approved and the additional space is anticipated to increased cultivation for the facility.
About Body and Mind Inc.
Body and Mind is a debt-free multistate operator 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. The company's products include dried flower, edibles, oils and extracts as well as GPEN Gio cartridges. Its 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.
The company 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, pursuing state licensing opportunities, and mergers and acquisitions.
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