Mr. Michael Mills reports
BODY AND MIND COMMENCES ARKANSAS CULTIVATION
Body and Mind Inc. has provided an update on cultivation operations commencing in Arkansas.
Body and Mind and Comprehensive Care Group, LLC have commenced cultivation operations in West Memphis, Arkansas near the border with Tennessee. The Body and Mind branded dispensary was the 22nd dispensary to open in the state out of a total of up to 40 licensed dispensaries approved in Arkansas. The cultivation facility was built out in 2020 and has recently received all approvals required to commence cultivation. In 2020, the Body and Mind-branded Arkansas dispensary was awarded Best Dispensary in Arkansas by Ark420.
Arkansas is a limited license medical state with a population of over three million. The state has currently approved 38 dispensaries with a total of 32 dispensaries currently open and six anticipated to open in 2021. In 2020, a ballot initiative was launched to qualify adult-use measures; however, the campaign fell short on signatures stemming from challenges around the COVID-19 pandemic.
"We have been planning cultivation operations with licensee Comprehensive Care Group since building out the facility in West Memphis last year, and we're looking forward to bringing our years of medical cultivation and operational experience to the Arkansas market," stated Michael Mills, chief executive officer of Body and Mind. "The cultivation operations in Arkansas will provide patients with new strains and allow increased margin as the company expands cannabis offerings and enhances our supply chain."
The company also has entered into a capital markets advisory agreement with Sophic Capital Inc., a comprehensive capital markets advisory firm focused on growth companies. The agreement with Sophic is effective for a 12-month term and Sophic is entitled to receive 250,000 stock options and a monthly fee of $8,000 (U.S.). The stock options vest in four equal instalments over a period of 12 months and have an exercise price of 65 cents per share for a period of three years 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. 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 time and resources on improving operational efficiencies, facility expansions, state licensing opportunities, as well as mergers and acquisitions.
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