Body and Mind Closes NMG Ohio Dispensary and Treatment Facility Transaction
LAS VEGAS and VANCOUVER, BC, September 17, 2021 / PRNewswire / – Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (on “Society” Where “BaM”), a multi-state operator focused on limited license markets, is pleased to announce the completion of the acquisition of the remaining 70% stake in NMG Ohio LLC (“NMG OhioThe transaction included the transfer of a dispensary license for the Clubhouse Dispensary to Elyria, Ohio to our wholly owned subsidiary, NMG OH 1, LLC, which came into effect on September 4, 2020. The transaction also included the final award of a production license which has now been transferred to our wholly owned subsidiary, NMG OH P1 LLC. Following the closing of this acquisition, the Company now indirectly owns 100% of NMG Ohio.
BaM’s real estate and development team played a decisive role in the development of the Ohio dispensary and production licenses as a Ohio State open for medical cannabis. The Ohio the market has grown significantly since its inception and the Ohio Ballot Board recently approved the language of a voting initiative effort to legalize cannabis for Ohio adults aged 21 and over as well as possession and language at home. The Clubhouse dispensary was one of the first dispensaries to open after Ohio started selling medical cannabis and recently switched to a Body and Mind branded dispensary. The new processing facility is located next to the Body and Mind dispensary and has been designed to produce popular Body and Mind concentrates using hydrocarbon extraction as well as edibles and oils. “Our team has years of experience with hydrocarbon extraction products in other markets and we look forward to bringing our award winning concentrates to growth. Ohio market ”, said Michael mills, CEO of Body and Mind.
Nevada Medical Group LLC (“NMG Nevada“), a wholly owned subsidiary of the Company, which previously held a 30% interest in NMG Ohio, has now acquired 100% ownership of NMG Ohio (the”Transaction“) for consideration of 3,150,000 USD (the “Consideration“), which consisted of 50% in cash and 50% in common stock (“Ordinary actions“) of the Company as follows:
- $ 1,181,250 was paid upon signing of the Membership Interest Purchase Agreement and related Distribution Agreement (collectively, the “Final Agreement”) on January 31, 2019 (“Effective date“); and
- $ 393,750 USD has been paid in accordance with the Final Agreement on October 21, 2020.
ISSUES OF ORDINARY SHARES
- 2,380,398 common shares at a deemed price of CAD $ 0.66 per share were issued in accordance with the definitive agreement on the effective date; and
- 793,466 common shares at a deemed price of CAD $ 0.66 per share were issued on October 21, 2020.
About Corps et Esprit Inc.
BaM is an operations-driven, multi-state operator investing in the cultivation, production and retailing of high quality medical and recreational cannabis. Our exclusive property Nevada subsidiary obtained one of the first medical marijuana cultivation licenses and holds cultivation and production licenses. BaM products include dried flowers, edibles, oils and extracts as well as GPEN Gio cartridges. BaM cannabis strains have won numerous awards including the 2019 Las Vegas Weekly Bud Bracket, Las Vegas Hempfest Cup 2016, High Times Top Ten, NorCal Secret Cup and Emerald Cup.
BaM continues to expand its activities in Nevada, California, Arkansas and Ohio and is dedicated to increasing shareholder value by focusing resources on improving operational efficiency, facility expansion, state licensing opportunities as well as mergers and acquisitions.
Please visit www.bodyandmind.com for more information.
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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Certain matters discussed in this press 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 these forward-looking statements are based on reasonable assumptions, it cannot guarantee that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties which 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 which could cause actual results to differ materially and which could have an impact on the Company and the statements contained in this press release can be found in the documents filed by the Company 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 does not constitute an offer to sell or the solicitation of an offer to buy any securities.
SOURCE Body and Spirit Inc.