Body and Mind Inc. Provides Update and Clarification on California Operations
VANCOUVER, B.C., CANADA (June 28, 2019) – Body and Mind Inc. (CSE: BAMM, OTC Pink: BMMJ) (the “Company” or “BaM”), a multi-state operator in Nevada, California, Ohio and Arkansas is pleased to provide an update on Satellites Dip, LLC’s (“SD”) distribution and manufacturing operation in California, which is being managed by BaM’s California subsidiary, NMG Cathedral City, LLC (“NMG”).
Pursuant to the management and administrative services agreement (the “Management Agreement”) entered into between NMG and SD on June 6, 2019, NMG continues to expand operations at the SD facility and has hired numerous experienced extraction personnel, sourced fully tested extraction material and is working on commercial arrangements between SD and third-party cannabis brand owners.
“We are excited to expand the operations at the Cathedral City facility,” stated Sophia Hase, General Manager of NMG. “The state-of-the-art facility combined with Body and Mind’s numerous years of extraction experience are an excellent combination as we expand operations for fully tested cannabis oils, extracts and edible brands for the California market.”
NMG is in the process of brokering an agreement between its affiliate company, Nevada Medical Group, LLC, and SD whereby SD will license certain trademarks and other intellectual property for use in respect of cannabis products manufactured by SD on terms at least as favorable as those being offered to Nevada Medical Group, LLC’s most favored licensees. NMG has also commenced work on brokering commercial arrangements between SD and third-party cannabis brand owners whereby SD will license commercial cannabis brands from third parties.
The Company would like to clarify certain statements in its news releases of June 11 and June 14, 2019, with respect to manufacturing activities in California. SD, a licensed cannabis business conducting commercial cannabis activity within the state of California, is the actual manufacturer. Pursuant to the Management Agreement, NMG manages all of the operations at SD’s manufacturing facility in Cathedral City, California.
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.
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About Body and Mind Inc.
BaM is a well capitalized publicly traded company investing in high quality medical and recreational cannabis cultivation, production and retail. Body and Mind has a strategic investment by Australis Capital Inc. Our wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licences and holds cultivation and production licenses. BaM products include dried flower, edibles, topicals, extracts as well as GPEN Gio cartridges and Lucid Mood offerings. 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 time and resources on improving operational efficiencies, facility expansions, state licensing opportunities as well as mergers and acquisitions.
Please visit www.bamcannabis.com for more information.
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.