Expanding dispensary nationally through low-cost license application in limited license states. Body And Mind's experience management team has charted their expansion from Nevada to California, Ohio and Arkansas. Michael Mills joins Dan Humiston on the BioTrack Cannabis Dispensary Spotlight Series to talk about the strategy for their public company (CSE: BAMM, OTCQB: BMMJ) that will propel the BAM brand throughout the country. Produced by PodCONX
Expanding dispensary nationally through low-cost license application in limited license states.
Body And Mind's experience management team has charted their expansion from Nevada to California, Ohio and Arkansas. Michael Mills joins Dan Humiston on the BioTrack Cannabis Dispensary Spotlight Series to talk about the strategy for their public company (CSE: BAMM, OTCQB: BMMJ) that will propel the BAM brand throughout the country.
Produced by PodCONX
Dan Humiston: [00:00:00] The Cannabis Dispensary Spotlight series is brought to you by Helix Biotech, the largest seed to sale tracking and dispensary point of sale software solution in the industry since 2010, cannabis dispensaries, cultivation facilities and manufacturers have trusted biotech to securely and confidently keep them in compliance while managing their businesses with flexible solutions for both THC and Hemp Industries, customizable workflows built in machine learning and data analytics that deliver actual insights to the right people at the right time. It's clear why cannabis companies in 37 states and nine countries depend on biotech for comprehensive Cannabis software and business solutions that cover the requirements of compliant seed to sale tracking and data reporting in every state. There's really only one choice biotech could a biotech dot com today for secure Cannabis software solutions that you can count on.
Michael Mills: [00:01:07] We're always looking for acquisitions and so grow is a very well recognized number through our Las Vegas franchise is sort of splitting up and we had the opportunity of buying a hundred percent of the with 60 percent of the San Diego license from MJ Bulls Media.
Dan Humiston: [00:01:31] It's the Raising Cannabis Capital show. I'm Dan Humiston and Anthony Show we're continuing the Cannabis Dispensary Spotlight series with another cannabis retail pioneer. Stay tuned for exciting insight into the techniques that this entrepreneur is using to expand and succeed.
Dan Humiston: [00:02:02] Today in Raising Cannabis Capital, we continue the Cannabis Dispensary Spotlight series with Michael Mills, president and CEO of Body and Mind. Michael, welcome to the show.
Michael Mills: [00:02:11] Hey, Dan, thanks very much for having me.
Dan Humiston: [00:02:13] Yeah. Thanks for being on the show. This body and mind is a.. It's a publicly traded Cannabis company, which, you know, we don't get a lot of publicly traded company. So it's exciting. You're in the Canadian Stock Exchange, Jennet Assemble B, A M M and on the OTC under a symbol B M M J with dispensaries and cultivation and processing operations in Nevada, California, Ohio, Arkansas. I mean, that's a big footprint and you've only been around since 2015. But you know, that actually makes you a veteran in this industry. So congratulations on your growth. That's crazy.
Michael Mills: [00:02:49] Dan, thanks very much. Yeah, it's been a very rapid pace five years and we're very fortunate to have an incredibly strong team. I loved your comment about being veterans of the industry. You know, when when we got our first production and cultivation license in Nevada, it was just so brand new in that state. We worked really hard to develop some incredible strains. We continue to develop new strains. You know, we have a lot of the people who started with us five years ago.
Dan Humiston: [00:03:16] They're still says a lot about your company when you can do that. I know the words body and mind really define who you are. And I know you take a lot of pride in your approach to cultivation. Maybe start here. Tell us about what makes your cultivation process so special.
Michael Mills: [00:03:31] When we first started off as cultivators in Nevada, it was a brand new industry at that point in time. And I think anyone who tells you that they open up a facility and are producing amazing products with no issues, day one probably is embellishing things a little bit. We had some growing pains like I think a lot of Cannabis companies do. We were able to work through those while the market was very small. We worked really hard on raising the quality of the cultivation over the first year or two us as we as we were coming into the gate. And the other thing we did is we focused on branding and we came up with the body in my name as our cultivation really started to come along nicely. We got into the production side of the business and that's oils, edibles, extracts. And I think the other thing we did was we started to look around and try to understand what other states may do. Opening up paramedical, we put applications in Ohio whose applications were successful and we have a dispensary that we are in part of in Ohio now. We put an application in Arkansas.
Dan Humiston: [00:04:36] We're in the process of building that dispensary right now, winning licenses in Ohio and in Arkansas. I mean, that's that's a big feather in your cap. It's not easy to do.
Michael Mills: [00:04:46] We're fairly lucky. We had a great license writing team and we continue to have an expanded license application team. We're always on the lookout for limited license states, but also limited license jurisdiction. We have a real eye to the ground on where we want to be and we're generally putting applications in any new state that's opening up.
Dan Humiston: [00:05:06] It makes a big difference from a cost standpoint, too, because it's so much more cost efficient to win a license than it is to have to make an acquisition or a merger. But it doesn't mean they're not valuable ways to expand your business are viable ways to expand your business under that same heading. You've done that in California. Talk a little bit about Shell Grow the company do you acquired in California?
Michael Mills: [00:05:32] We're always looking for acquisition opportunities and show grow is a very well recognized in the California market. They had a number of instances throughout L.A. and Las Vegas. The franchise was sort of splitting up and we had the opportunity of buying 100 percent of a long, huge dispensary of 60 percent of the San Diego license.
Dan Humiston: [00:05:51] It gives you I think you referred to it as a beachhead in California because you have over 70 SKUs that you manufacture in Nevada and you're also now going to start distributing those products in California. Is that correct?
Michael Mills: [00:06:06] Yes. You know, I asked you most likely know you have to manufacture the products or produce the products in the state that they're sold and found a great company in Cathedral City. We have agreement with them to work inside their facility under a brand director agreement. We're beginning to move some of our popular SKUs from Nevada and have been produced in California. We've heard from people for some time now. Where can we buy these in California? It was a very natural step for us to take as we continue to progressing through our business plan. We'll move more and more of our products out into California and have them available in more and more.
Dan Humiston: [00:06:49] I want to take a short break to play a preview of our next episode. But first, I'd like to thank one of our sponsors, Sencion Pixel Cannabis and CBD Hemp Industry's leading marketing and design agency. For over three years, Sanson Pixel has been working with CBD Hemp companies and developing personalised strategies to create authentic brands and to grow real audiences that engage with your content and convert to sales.Go to a Sencion pixel dot com or click on a link in the show. Notes to learn how Sencion pixels hirable all in one marketing and design department can amplify your company's communications.
Michael Campbell: [00:07:28] So 10 stores, three years, two hundred thousand square feet. We believe we can garner 10 percent of the market share for Southern California over the next five years. We estimate that at a 7 billion dollar market CBD and THC. So if it all worked out and we were able to get that 10 percent, that's could equate to something in the neighborhood of 500, 700 million. We think we can run a 22 to 24 percent EBIDA business around that.
Dan Humiston: [00:07:57] Tune in on Thursday to hear the next episode of the Biotech Cannabis Dispensary Spotlight series with Michael Campbell from showcased by CalEthos.
Dan Humiston: [00:08:07] Now let's get back to today's show.
Dan Humiston: [00:08:11] We have dispensaries in Ohio under the clubhouse brand, your building, your Arkansas facility out. If California show grow here in Nevada, you have a lot on your plate, mister. This is a very, very exciting. We've been speaking with Michael Mills from Body and Mind. And I'm sure a lot of people will be interested in purchasing your stock.
Dan Humiston: [00:08:33] But a reminder that the it's traded on the C C, the symbol is B, A, M M or in the OTC. It's under the symbol B M M J. And we'll have everything on the show notes and also on the M M MJBulls.com.
Dan Humiston: [00:08:49] Michael, very exciting stuff that you're working on this idea.
Michael Mills: [00:08:53] Again, this businesses is just moving so quickly. I don't think there's a lot of businesses out there that have, you know, somewhere in the range of 20 to 25 percent compound annual growth rate. And it's been really interesting to see the perceptions about Cannabis use change over the last five years. And I'm sure you've talked about it on the show before. But now I spend time in dispensaries and I look around at the customers that are in there, your demographics. It really feels like the stigma around cannabis use has changed very dramatically in Las Vegas. And I believe that people are taking that home to your state and you're just seeing this spread in attitudes are changing. It's been very interesting to see it in Las Vegas and it's a microcosm of the entire region.
Dan Humiston: [00:09:43] Well, I think a lot of the reason for the perception change has to do with organizations like yours who are doing it professionally, who are showing that this is a real legitimate business and, you know, taking things out of the shadows and putting them the way they should be run. So congratulations on your success up to this point. And I really look forward to hearing about your success in the future.
Dan Humiston: [00:10:05] Thanks again, Michael.
Michael Campbell: [00:10:06] Thank you,.
Dan Humiston: [00:10:10] Today's show was made possible by the generous support of our sponsors, like all 36. The country's premiere blockchain payment processing platform that's providing dispensaries and its customers with a safe and secure payment option other than cash. To learn more. Go to ulp 36 dot com. Today's podcast was produced by MJ Bulls Media, the industry's premier Cannabis podcast network with original music produced in part by Jamie Humiston.
Dan Humiston: [00:10:37] I'm Dan Humiston and you've been listening to the Raising Cannabis Capital podcast.
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