Item 7.01 Regulation FD Disclosure
On April 6, 2021, Body and Mind Inc. (the "Company" or "BaM") issued a news
release to provide an update on cultivation operations commencing in Arkansas.
BaM 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.com.
Arkansas is a limited license medical state with a population of over three
million (2019 US Census). 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-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, CEO 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 is also pleased to announce that it 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 twelve-month term and Sophic is entitled to receive 250,000
stock options and a monthly fee of US$8,000. The stock options vest in four
equal installments over a period of twelve months and have an exercise price of
CAD$0.65 per share for a period of three years from the date of grant.
A copy of the news release is attached as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Description
99.1 News Release dated April 6, 2021.
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