Body and Mind Inc. Provides Update on Cultivation Expansion and Management Addition
VANCOUVER, June 20, 2018 /CNW/ - Body and Mind Inc. (CSE: BAMM) (CSE: BAMM.CN) (US OTC: BMMJ), (the "Company" or "BAM") is pleased to provide a progress report on its Phase II cultivation expansion in Las Vegas, Nevada. Additionally, the company announces a strategic engagement to advance the Ohio dispensary opportunity and expand Body and Mind product offerings.
Phase II expansion of the Nevada facility is nearing completion with the addition of three new flower rooms, an additional trim area, dry-room and expanded packaging area. The company will add approximately 40% more high pressure sodium lights to the facility and almost all interior construction and electrical work has been completed. All required external power was specified, permitted and installed last year and interior electrical permitting is anticipated by mid-July 2018. The ventilation and cooling will be controlled and monitored by a new facility-wide system which includes multiple sensors and proprietary feedback loops throughout all cultivation areas.
In addition to adding more cultivation space, the Company has completed the installation of an automated watering system and is in the process of adding carbon dioxide delivery, monitoring and control systems throughout the facility.
Once final facility upgrades have been inspected by the State of Nevada, the company will proceed to move clones into the newly constructed space. Increased revenues from the new grow spaces are anticipated to be realized approximately 18 weeks from the completion date of Phase II through a full growing and production cycle.
Robert Hasman, Director of BAM, commented, "We've been focused on creating and supplying top quality cannabis and our award-winning genetics and products have been widely popular with the rapidly expanding recreational market. Our Phase II expansion had relatively low capital costs of approx. USD $500,000 and has proceeded both on time and on budget. We anticipate the expansion will allow us to cost effectively increase cultivation within our current facility by roughly 40% while continuing to deliver quality cannabis products."
The company has experienced strong demand for flower, extract and edible products. In an effort to meet this demand, the Company has promoted Tanya Reyes as Kitchen Chef. "Tanya's passion for creating outstanding products combined with her experience as a commercial confectionary chef and past work with top tier food companies has been a huge asset to Body and Mind," stated Robert Hasman, Director of Body and Mind.
Cannabis sales in Nevada posted the largest monthly sales ever in March 2018 with over USD $41 Million in retail sales across the state. Limited licences in Nevada have prevented the market from being flooded with product and Body and Mind continues to have strong distribution and shelf space throughout Nevada.
In Ohio, the NMG Ohio partnership ("NMG Ohio"), of which BAM owns 30%, has engaged Rachel Rivera as an operational consultant for medical cannabis dispensary operations in Lorain county, northeastern Ohio. "Rachel was a pioneer in the Nevada medical cannabis market and brings significant experience in cannabis dispensary operations to our group." stated Robert Hasman, Director of Body and Mind. NMG Ohio is in the process of working with applicable state and local authorities to progress the medical cannabis dispensary license. NMG Ohio will provide progress updates regarding the dispensary license on its new website www.northohiodispensary.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Body and Mind
Body and Mind is a publicly traded company investing in high quality medical and recreational cannabis cultivation and production. Our 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, topicals, extracts as well as GPEN Gio cartridges. Body and Mind marijuana strains have won numerous awards including the 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 and Ohio and is constantly reviewing accretive expansion opportunities.
For more information please visit our web site at www.bammarijuana.com
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including the inability of the Company to obtain shareholder and exchange approval, or to raise additional equity as well as the various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. Body and Mind Inc. undertakes no obligation to update publicly or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by law or the Canadian Securities Exchange. We seek safe harbour.
SOURCE Body and Mind Inc.