Body and Mind Completes License Transfer for Ohio Dispensary

Rhea-AI Summary

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) announces the successful license transfer for its Ohio dispensary, The Clubhouse, located in Elyria. This marks the second license transfer in under a month, part of the company’s strategy to expand in limited license markets. The Clubhouse has been operational since early 2019 and serves a significant population in the area. Additionally, the company is progressing on its Ohio provisional production license while ensuring compliance with local regulations in response to the COVID-19 pandemic.

Positive

• Successful license transfer for The Clubhouse dispensary in Ohio.
• Strategic expansion into limited license markets.
• Continued development of Ohio provisional production license.

Negative

• None.

VANCOUVER, BC, Sept. 9, 2020 /PRNewswire/ - Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the "Company" or "BaM"), a debt free multi-state operator focused on limited license markets, is pleased to report that its wholly-owned subsidiary, NMG OH 1, LLC, has now received all approvals and final license and name transfer from the Ohio Department of Pharmacy for The Clubhouse dispensary located in Elyria, Ohio.

"This second license transfer in less than a month furthers our strategy of expanding the Body and Mind brand and operational expertise to targeted limited license markets," stated Michael Mills, CEO of Body and Mind. "We have been operating The Clubhouse since opening in early 2019 and look forward to rebranding as a Body and Mind dispensary and consolidating the Elyria, Ohio retail operations. The Company is continuing with development of the Ohio provisional production license and a long-term lease and a local conditional use permit have been secured. We continue to expand our offerings into new states, and we are looking forward to bringing our Body and Mind branded offerings to the Ohio market."  

The Clubhouse dispensary opened in February 2019 and was one of the early dispensaries to open in Ohio shortly after the first legal sales of cannabis in Ohio. The dispensary is located in Elyria, Ohio, roughly 30 minutes West of Cleveland with approximately 1.7 million people who live within 30 miles and approximately 3.28 million who live within 50 miles of the dispensary according to 2010 census data from Censusviewer.

Ohio is the 7^th most populous state with an estimated population over 11.5 Million in 2019 according to the US Census Bureau. The Ohio Board of Pharmacy has awarded 57 provisional dispensary licenses and, as of August 25, 2020, The Ohio Medical Marijuana Control Program outlines there were 51 dispensaries in receipt of a certificate of operation. In response to the COVID pandemic. The Ohio Board of Pharmacy implemented temporary rules in April 2020 to allow online ordering and curbside pickup and also simplified the calculations of the amount of product patients could possess during a 90-day window. To limit contact, customers who are registered with the dispensary can order on-line for express pickup and the Company is working with local regulators to add curbside pickup to assist customers.

About Body and Mind Inc.

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

BaM 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.

Please visit www.bamcannabis.com for more information.
Instagram: @bodyandmindBaM
Twitter: @bodyandmindBaM

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of activities, variations in the underlying assumptions associated with the estimation of activities, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

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SOURCE Body and Mind Inc.

FAQ

What recent development has Body and Mind Inc. made regarding its Ohio dispensary?

Body and Mind Inc. has successfully completed the license transfer for its Ohio dispensary, The Clubhouse, located in Elyria.

What does the successful license transfer mean for Body and Mind Inc. (BMMJ)?

The successful license transfer enhances Body and Mind Inc.'s operational capabilities and brand presence in the Ohio market.

When did The Clubhouse dispensary open?

The Clubhouse dispensary opened in early February 2019.

What is the population demographic near The Clubhouse dispensary?

Approximately 1.7 million people live within 30 miles of The Clubhouse dispensary.

What strategy is Body and Mind Inc. pursuing with its dispensaries?

Body and Mind Inc. is focusing on expanding its brand into targeted limited license markets.