Item 7.01 Regulation FD Disclosure
On January 14, 2021, Body and Mind Inc. (the "Company" or "BaM") issued a news
release to provide an update on the financial statements, the Ohio Body and Mind
branded dispensary, and construction at NMG Ohio's production facility.
The Company is working to complete the October 31, 2020 interim financial
statements, including the related management discussion and analysis, and has
taken proactive measures to address delays. The Company anticipates the October
31, 2020 interim financials statements will be filed on or before January 28th,
2021.
BaM has completed rebranding of the Ohio dispensary located in Elyria, Ohio
roughly 30 minutes west of Cleveland. The dispensary was originally opened under
The Clubhouse brand and was transferred into a 100% owned subsidiary of BaM in
September 2020. As part of the transfer the dispensary was renamed and branded
as a Body and Mind dispensary.
In response to COVID-19, Ohio regulations have been updated to allow contactless
purchasing opportunities including ordering on-line in advance with in-store and
curbside pickup. Customers can view a live menu and order on-line through
www.buybamonline.com or www.bodyandmind.com. Orders can be picked up in-store or
curbside and customer feedback and adoption of the new options has been
positive.
The Company is advancing construction with NMG Ohio at the new
manufacturing/production facility which is located adjacent to the Body and Mind
dispensary. The production facility is roughly 4,000 square feet and has been
designed for BHO extraction as well as kitchen and manufacturing operations. The
facility construction has been advancing rapidly and is currently at the drywall
stage with extraction and manufacturing equipment on order. The Company intends
to bring popular Body and Mind branded products to Ohio in addition to offering
white label services for our current and future brand partners. The Company has
a definitive agreement to transfer 100% ownership of the production facility
upon completion and award of the final production license. View construction
images at https://bamcannabis.com/ohio-production-images/
"Our development team is moving quickly to advance the production facility and
we are looking forward to expanding our branded product portfolio into the Ohio
market," stated Michael Mills, President and CEO of Body and Mind Inc. "We have
budgeted development and start-up costs for the production facility out of
current cashflows and look forward to completion this Spring."
A copy of the news release is attached as Exhibit 99.1 hereto.
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Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Description
99.1 News Release dated January 14, 2021.
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