Mr. Michael Mills reports
BODY AND MIND PROVIDES CORPORATE UPDATE
Body and Mind Inc. has provided an update on the financial statements, the Ohio Body and Mind branded dispensary, and construction at NMG Ohio's production facility.
The company is working to complete the Oct. 31, 2020, interim financial statements, including the related management discussion and analysis, and has taken pro-active measures to address delays. The company anticipates the Oct. 31, 2020, interim financials statements will be filed on or before Jan. 28, 2021.
Body and Mind has completed rebranding of the Ohio dispensary located in Elyria, Ohio, roughly 30 minutes west of Cleveland. The dispensary was originally opened under The Clubhouse brand and was transferred into a 100-per-cent-owned subsidiary of Body and Mind in September, 2020. As part of the transfer the dispensary was renamed and branded as a Body and Mind dispensary.
In response to COVID-19, Ohio regulations have been updated to allow contactless purchasing opportunities, including ordering on-line in advance with in-store and curbside pickup. Customers can view a live menu and order on-line. Orders can be picked up in-store or curbside and customer feedback and adoption of the new options has been positive.
The company is advancing construction with NMG Ohio at the new manufacturing/production facility, which is located adjacent to the Body and Mind dispensary. The production facility is roughly 4,000 square feet and has been designed for BHO extraction as well as kitchen and manufacturing operations. The facility construction has been advancing rapidly and is currently at the drywall stage with extraction and manufacturing equipment on order. The company intends to bring popular Body and Mind branded products to Ohio in addition to offering white label services for the company's current and future brand partners. The company has a definitive agreement to transfer 100-per-cent ownership of the production facility upon completion and award of the final production licence.
"Our development team is moving quickly to advance the production facility and we are looking forward to expanding our branded product portfolio into the Ohio market," stated Michael Mills, president and chief executive officer of Body and Mind. "We have budgeted development and start-up costs for the production facility out of current cash flows and look forward to completion this spring."
About Body and Mind Inc.
Body and Mind is an operations-focused multistate operator investing in high-quality medical and recreational cannabis cultivation, production and retail. 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, oils and extracts as well as GPEN Gio cartridges. Body and Mind 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.
Body and Mind continues to expand operations in Nevada, California, Arkansas and Ohio, and is dedicated to increasing shareholder value by focusing resources on improving operational efficiencies, facility expansions, state licensing opportunities as well as mergers and acquisitions.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.