23:05:20 EDT Wed 16 Jun 2021
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Body and Mind Inc
Symbol BAMM
Shares Issued 101,698,593
Close 2021-03-08 C$ 0.66
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Body and Mind appoints Podesta to board

2021-03-08 09:40 ET - News Release

Mr. Michael Mills reports


Alexis Podesta, who was instrumental in California's transition from medical to adult-use cannabis, has been appointed as a director of Body and Mind Inc.

Ms. Podesta has served in senior roles in both the public and private sector. Known for her talent to skillfully navigate complex policy and political issues, her broad portfolio has included problem solving on high-profile policies in both government and the corporate world.

Ms. Podesta was entrusted by both Governor Gavin Newsom and Governor Edmund G. Brown Jr. to manage the sprawling California Business, Consumer Services and Housing Agency. As secretary of the Cabinet-level agency, she directed its $4.75-billion budget and nearly 6,100 employees. Ms. Podesta oversaw 12 departments, boards, a commission, a panel and a council whose job is to license and regulate professionals and businesses in California to protect consumers; regulate businesses engaged in financial transactions; preserve, expand and fund safe and affordable housing opportunities; provide solutions to address homelessness in California; investigate and research earthquake-related issues to advise on ways to reduce earthquake risk; and protect the civil rights of all Californians from acts of hate violence and unlawful discrimination in employment, housing and public accommodations.

Additionally, the departments under the agency provided $1.9-billion in funding for affordable housing; made $3.5-billion annually in loans for first-time homebuyers; made $600-million annually in loans for affordable multifamily properties; and provided $650-million in assistance to local jurisdictions to combat homelessness. Additionally, the Department of Fair Employment and Housing filed more than 22,500 civil rights cases.

Prior to being appointed to lead the agency, Ms. Podesta served as the director of external and international affairs for Governor Brown. She directed outreach, communication and partnerships with stakeholder groups, and provided key support for the governor's special projects. In addition, Ms. Podesta was the governor's lead representative on international affairs and served as chief of protocol.

Before joining the Brown administration, Ms. Podesta worked for Pacific Gas & Electric in government affairs. Prior to joining that utility, she spent nearly a decade in Washington, D.C., working first as the director of scheduling for United States Senator Dianne Feinstein (Democrat, California), and then as the manager of government relations for The Walt Disney Co.

Most recently, Ms. Podesta was appointed by Governor Newsom to serve on the State Compensation Insurance Fund board of directors. Established in 1914 by the state legislature, the State Fund provides workers' compensation insurance for approximately 110,000 policyholders and has nearly $21-billion in assets.

"Alexis brings a wealth of board, management and cannabis experience to Body and Mind, and we look forward to increasing the depth and experience of our board," stated Michael Mills, chief executive officer of Body and Mind. "This past quarter was transformative as the company achieved record revenues. We continue to expand operations and construction is progressing well at the NMG Ohio production facility. I look forward to working with Alexis and our team to continue the growth of Body and Mind as a trusted cannabis brand."

The company has granted an aggregate of 1.25 million stock options in accordance with the company's stock option plan at an exercise price of 68 cents per share for a term of five years expiring on March 6, 2026. The options were granted to current directors and officers of the company.

The options are subject to vesting provisions such that 25 per cent of the options vest six months from the date of grant, 25 per cent of the options vest 12 months from the date of grant, 25 per cent of the options vest 18 months from the date of grant and 25 per cent of the options vest 24 months from the date of grant.

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. Its 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.

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