Body and Mind Inc. (OTCMKTS: BMMJ) efforts to set up dispensaries for the Nevada regulated cannabis market have been derailed by the state’s authorities. The cultivator and producer of cannabis products announced the results of the four applications it submitted to the state for approval as rejected.
Setback to Body and Mind Expansion Plans
It is obviously a setback for the company’s growth strategy as it cannot expand its operations to the cannabis dispensary segment in Nevada without licensing from the board.
Announcing the frustrating news, Robert Hasman, the company’s Director said that, “While we are disappointed with the recent Nevada dispensary applications, the Body and Mind team remains excited about progressing our dispensary and production licenses in Ohio.”
Hasman reiterated his company’s commitment to increasing shareholder value through expansions to other regions, acquiring state licensing for its consumer focused operations as well as staging strategic acquisitions and mergers.
The company has already demonstrated this promise in the past by acquiring a stake in performing cannabis-based companies and signing of strategic partnership agreements with leading product and service producers. Most recently the company renewed its License agreement with industry’s leading designer and manufacturer of portable vaporizer-G Pen.
As the regulated cannabis market in the United States is projected to expand in the near future, demand for complementary accessories is naturally bound to increase. Body and Mind is already placing itself in the forefront of supplying these equipment particularly the G Pen Gio cartridges alongside its products.
The cartridges are selling well in their own the reason Body and Mind is pushing for the sale of its popular flavors alongside the accessories. With body and Mind’s extensive distribution networks in Nevada, Grenco Science, the company behind G Pen has been able to report huge sales for their products.
Aside from Nevada and Ohio, Body and Mind has recently made its debut into the California market through a strategic investment in Green Light District Holdings, Inc. (GLDH). GLDH operates a chain of dispensaries in California and will hopefully help Body and Mind to establish presence in the region.