Body and Mind (OTCMKTS:BMMJ) announced the commencement of a License Agreement with Sense Distribution for the manufacture and distribution of Shoogies Brand in California. Shoogies is a cannabis specialty brand that offers THC-infused sweeteners.
Body and Mind to bring Shoogies brand to California
Michael Mills, the CEO of Body and Mind, stated that the company’s retail operations in California have continued to expand following the successful grand opening in San Diego. The CEO also added that they are delighted to witness improvement in Las Vegas, Nevada market, due to the increase in tourism. Mills asserted that they were picked by Sense for a licensing agreement as the company continues to expand its operations as a multistate operator.
The Shoogies brand targets a growing sector of the market committed to the finest organic agave and cane sugar offering. Mills explained that there is an increase in demand from patients and consumers for cannabis alternatives as well as Shoogies products that offer a way of changing ways of baking, eating, cocktailing, and drinking.
Shoogies founder and CEO, Latham Woodward, stated that they invented Shoogies to offer consumers a way of integrating cannabis as an ingredient and sweetener to drinks and food. Woodward added that they acknowledge the Body and Mind for its deep cannabis experience and shared values of quality. He said that Shoogies was looking forward to the long-term partnership with Body and Mind in its expansion across California and into new markets.
Body and Mind cancel options of past directors
Body and Mind canceled around 2.275 million options from the resignation of former directors. The company issued new options totaling 580,000 to contractors/consultants per the company’s incentive shares option plan.
The company has issued 350,000options to a consultant at CA$0.88 for each share with expiry if April 30, 2024. However, the options will be subject to vesting provisions with 25% of the options on date of issue, 25% on August 21, 2020, and 25% between February 21 and August 21 in 2021.