Blue Diamond Ventures Inc (BLDV)

[JPS02]

Pharmacy board says CBD oil plant must go in Bristol Mall property

by WCYB Digital | Tuesday, December 18th 2018

BRISTOL, Va.--The Virginia Board of Pharmacy grants a license for a regional medicinal marijuana processing facility in Bristol but denies efforts to relocate it to a different site in the city.

Tuesday, the board of pharmacy meeting in Richmond granted Dharma Pharmaceuticals a conditional license to build a CBD oil processing plant and dispensary. Dharma's original application was based on using part of the former Bristol Mall.

But since Dharma won initial approval earlier this fall, the owners of the mall announced plans for a huge casino and resort using the vacant mall. Today Dharma proposed a different, undisclosed location, but the pharmacy board said Dharma would either have to open at the mall site or surrender the license.

The casino project is backed by investors Jim McGlothlin and Clyde Stacy and is projected to bring 5,000 jobs to Bristol if the state allows a referendum and it's voted in.

McGlothlin told News 5's PJ Johnson earlier this month that an alternative site had been discussed in Bristol's downtown area for the CDB project but that location was not revealed.

Source: https://wcyb.com/news/local/update-pharmacy-board-votes-against-moving-cbd-oil-plant-from-bristol-mall-property

- Receiving the final approval is great news for Dharma and BLDV and I think they will make the mall location work given that the license is approximately a $25 million asset that they will not want to forgo, as per the BLDV CEO's response to one of the shareholders, see post below:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144423062

- As I have stated before, it will be interesting to see how Dharma will secure BLDV's services and the Cannareet licensing now that they have the approval. It would be nice to get a good update from BLDV as a result of this approval.

Go BLDV!