Body and Mind Expands to Michigan

Rhea-AI Summary

Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) has opened its first Body and Mind branded dispensary in Muskegon, Michigan, marking a significant expansion into this high-growth cannabis market. The dispensary, serving both medical and recreational customers, coincides with a 66% year-over-year sales increase in Michigan's cannabis industry. In addition, the company is developing a 57,000 sq. ft. cultivation facility. The rebranding of its Long Beach dispensary is complete, and operations have commenced at a recently acquired Seaside dispensary. The company aims to enhance community relationships while focusing on operational efficiencies.

Positive

• Opened a new dispensary in Muskegon, Michigan, expanding market presence.
• Michigan cannabis sales increased by 66% year-over-year and $1.79 billion in 2021.
• Continuing development of a 57,000 sq. ft. cultivation facility.
• Completed rebranding of Long Beach dispensary to Body and Mind.
• Acquired The Reef dispensary in Seaside, California.

Negative

• None.

Michigan Body and Mind branded Dispensary Opening and Vertical Operations In Development

Long Beach Dispensary Completes Rebrand to Body and Mind Operation

LAS VEGAS and VANCOUVER, BC, Feb. 2, 2022 /PRNewswire/ - Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the "Company" or "BaM"), a multi-state cannabis operator, is pleased to announce completion of the first stage of the vertical strategy to expand into the rapidly growing Michigan market. This will be the fifth state with Body and Mind operations with additional wholly owned licenses in development.

The Company, through its wholly owned subsidiary, has received all licenses and approvals and will open the Body and Mind branded dispensary on February 2, 2022 to serve medical patients and recreational customers in Muskegon, Michigan.

"We're excited to have our first Body and Mind branded dispensary opening today in the rapidly expanding Michigan market," stated Michael Mills, CEO of Body and Mind. "This was another license win for Body and Mind and our development group moved quickly to advance the opportunity. Our team worked closely with the City of Muskegon to secure and develop the social equity opportunity for this jurisdiction, and we look forward to supporting the community and our new customers as we continue to grow in Michigan. Growth in the overall Michigan market has been impressive with December sales across the state up 66% from a year ago and annual sales of $1.79 billion in 2021 (up roughly 82%) as reported by the Michigan Marijuana Regulatory Agency. Roughly $246 million was collected in cannabis taxes in Michigan with $131 million supporting various initiatives such as infrastructure and public education and $115 million supporting the general state fund."

"Body and Mind excels at building community relationships, which is a core value of the Company. We are highly confident that we can partner with the City of Muskegon to utilize its social equity program to build awareness and financial assistance to the disproportionately affected minority community and individuals," said Trip Hoffman, COO of Body and Mind.

As part of the Company's vertical growth strategy in Michigan, the previously announced, fully funded 57,000 square foot, two phase cultivation and production facility has commenced construction (see press release dated September 21, 2021.) The Company will provide ongoing construction updates as the facility moves through the development process.

View the Michigan video at https://vimeo.com/672598281

Long Beach, California Dispensary Rebranding

The Company's wholly owned Long Beach dispensary has been transitioning from the original ShowGrow brand to ShowGrow by BaM and has now completed a rebrand of the operations to become a Body and Mind dispensary. The Company has secured nearby billboard advertising and is focused on marketing the Body and Mind brand in all consumer channels for the Long Beach area.

Seaside Dispensary Transition

The Company announced a definitive agreement to acquire the fully operational The Reef dispensary in Seaside California (see prior press release dated December 1, 2021) and assumed management effective December 1, 2021. Local and state approvals for transfer of the ownership have been received.

"We have been very impressed with the deep cannabis knowledge, customer service and dedication of the Seaside team," stated Trip Hoffman, COO of Body and Mind. "We are looking forward to growing the retail and delivery operations and achieving economies of scale from our expanding California dispensary strategy.

The Company is pleased to announce it has renewed engagement with Stonegate Partners for $5,000 per month to provide social media, client outreach and strategy for the Company.

About Body and Mind Inc.

BaM is an operations focused, multi-state operator investing in high quality medical and recreational cannabis cultivation, production and retail.

BaM continues to expand operations in Nevada, California, Arkansas, Ohio and Michigan 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.

Our wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licenses and holds medical and adult-use cultivation and production licenses. BaM products include dried flower, edibles, oils and extracts as well as GPEN products. BaM cannabis strains have won numerous awards including the Las Vegas Weekly Bud Bracket, Las Vegas Hempfest Cup, High Times Top Ten, the NorCal Secret Cup and the Emerald Cup.

Please visit www.bodyandmind.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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/body-and-mind-expands-to-michigan-301473872.html

SOURCE Body and Mind Inc.

FAQ

When did Body and Mind open its dispensary in Muskegon, Michigan?

Body and Mind opened its dispensary in Muskegon, Michigan on February 2, 2022.

What is the significance of Body and Mind's expansion into Michigan?

The expansion allows Body and Mind to enter a rapidly growing cannabis market, indicated by a 66% rise in sales year-over-year.

What are the company's plans for its cultivation facility in Michigan?

Body and Mind is developing a 57,000 sq. ft. cultivation and production facility, with construction already underway.

What financial metrics highlight the growth of the Michigan cannabis market?

In 2021, Michigan's cannabis market generated $1.79 billion in sales, with tax collections of approximately $246 million.

How has Body and Mind transitioned its Long Beach dispensary?

The Long Beach dispensary has been rebranded to become a Body and Mind operation, enhancing brand visibility.