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VANCOUVER, B.C., April 03, 2018 (GLOBE NEWSWIRE) -- Body and Mind Inc. (CSE:BAMM) (US OTC:BMMJ), (the “Company” or “BAM”) announces the filing of its unaudited condensed consolidated interim financial statements for the six months ended January 31, 2018 (the “Q2 Financial Statements”). The Q2 financial statements are the first reported consolidated financial statements of the Company since the acquisition of Nevada Medical Group LLC (“NMG”) by BAM on November 14, 2017 (the “Acquisition”). It should be highlighted to readers of these financial statements that the income statement of the Company’s operating company, NMG, only covers the reporting period from the date of Acquisition to Jan 31, 2018. Revenues and expenses prior to the Acquisition date have been recorded as part of the Acquisition. The parent company’s income statement is recoded for the full six month period ended January 31, 2018. Unless stated otherwise, all figures disclosed in the Company’s financial statements are stated in United States Dollars.

Robert Hasman, BAM President commented, “Our initial 10 week reporting period for our 100% owned operating subsidiary, Nevada Medical Group, was solid with a gross margin totaling USD $563,280 (approximately $720,000 in Canadian dollar terms). Having expanded our trim purchases, combined with increased yields, and the anticipated increase of flower production from the Pepper Lane expansion, we anticipate meaningful reporting improvements in our core business over the next several quarters. With listing costs now behind us, we expect improved overall performance going forward in spite of transaction assessment costs which will be prevalent.”

Q2 Financial Highlights ($USD):

• Cash $ 1,678,590 • Total sales $ 831,455 • Cost of Sales $ 268,175 • Gross Margin $ 563,280 • G&A expenses $1,912,863 • Net loss $1,419,935

Included in G&A expenses are the following non-cash charges and non-recurring expenditures ($USD):

• Listing costs (Acquisition) $ 471,408 • Stock based compensation $ 733,679 • Depreciation $ 1,575

Share Structure

• Issued and outstanding 47,704,317 • Warrants 10,106,820 • Stock Options 3,850,000 • Fully Diluted 61,661,137

Corporate Update

The company is pleased to report the expansion of its current facility is well under way. Construction has commenced and is expected to increase light capacity by approximately 40%. The project is on track to be completed by mid-summer of 2018 and is within budget.

Robert Hasman, BAM President commented, “The company is continuing to evaluate further avenues of expansion as we believe the acquisition of retail, along with the expansion of production & cultivation facilities, enables the Company to vertically integrate its business. The company has already secured a highly desired retail location in anticipation of new retail applications. We expect the state to release new applications sometime this quarter and it is further anticipated that any new applications will only be issued to currently active facilities.”

Pepper Lane North

Clark County has recently informed the Company that prior to any permitting, it is requiring the relocation of a nearby community church that leases office space in a commercial building that is within close proximity to the Pepper Lane North facility. The company has discussed relocation with the church, but to date, has not reached a resolution. A relocation plan would need to commence prior to the purchase of the Pepper Lane North building which is scheduled to close May 2018.

The company will continue to evaluate its options regarding relocating the Church and several M&A opportunities, which include the immediate acquisition of cultivation, production, and retail facilities.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information regarding Body and Mind Inc. please contact:

Darren Tindale

604-376-3567

stonerockltd@gmail.com

Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including the inability of the Company to obtain shareholder and exchange approval, or to raise additional equity as well as the various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.

Body and Mind Inc. undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law or the Canadian Securities Exchange.

We seek safe harbour.



