Body And Mind Inc Stock Price, News & Analysis

Body and Mind Inc. (CSE: BAMM, OTC Pink: BMMJ) has announced that its subsidiary DEP Nevada has entered into a Membership Interest Purchase Agreement to sell its Long Beach dispensary operations. The agreement with SGC Retail Partners involves selling all interests in NMG Long Beach, for a total consideration of US$856,250 in cash. A deposit of US$100,000 has already been received by DEP. Additional transaction details will be available in an upcoming Form 8-K filing.

Body and Mind Inc. (OTC: BMMJ) has announced the Grand Opening of its Lynwood Illinois dispensary scheduled for April 12th at 12:00 PM. The dispensary is located at 20513 Torrence Ave, Lynwood IL 60411.

The company has previously announced definitive agreements to sell the Lynwood dispensary (as per January 30, 2025 news release) and will continue operations pending regulatory approval of the transaction.

Additionally, BaM has amended its credit facility with Bengal Catalyst Fund, which includes:

• A $833,334 payment towards the defaulted credit facility
• Permission to reborrow $833,334 on a revolving basis
• Reduction of non-revolving balance to $1.4 million
• Interest rate increase from 18% to 24% for loans ≥$1.7 million
• 60-day forbearance period to cure default

Body and Mind Inc. (BMMJ) has announced material misstatements in their financial reports requiring restatement. During the audit of FY2024, discussions between management, external experts, and the company's accounting firm revealed issues with the accounting treatment of a variable interest entity and management fee income recording.

The company needs to amend two quarterly reports: the Q2 2024 Form 10-Q filed March 25, 2024, covering the periods ended January 31, 2024 and 2023, and the Q3 2024 Form 10-Q filed June 20, 2024, covering periods ended April 30, 2024 and 2023. The restatement process requires final approval of external accounting memorandum, additional review procedures, and final auditor quality control sign-off.

Body and Mind (BMMJ) has entered into definitive agreements to sell its Illinois assets, NMG IL 1 and NMG IL 4, to Rubino Ventures IL (Dutchess Cannabis) for US$5 million in total cash consideration. The deal includes potential additional earnout based on EBITDA performance.

The transaction structure includes: $833,334 initial cash payment for NMG IL 4 (Markham) and $1,666,666 for NMG IL 1 (Lynwood), with matching amounts at closing. Both entities will enter into managed services agreements (MSAs) with Rubino, who will pay monthly fees of $12,500 per location.

The company cites challenging industry conditions and difficult access to growth capital as key reasons for the sale, with proceeds intended to strengthen the balance sheet and fund New Jersey dispensary construction.

Body and Mind (BMMJ) has received a cease trade order (CTO) from the British Columbia Securities Commission due to failure to file required financial statements and reports for periods ending July 31, 2024, and October 31, 2024. The CTO prohibits trading of company securities in Canada, including trades through the Canadian Securities Exchange.

An exception exists for non-insider beneficial securityholders who acquired shares before January 28, 2025, allowing them to sell through foreign organized regulated markets via registered Canadian investment dealers. The CTO will remain until all required filings are submitted.

Additionally, director Josh Rosen has resigned from the company's board.

Body and Mind Inc. (CSE: BAMM, OTC Pink: BMMJ) has provided an update regarding the delay in filing its annual financial statements for the fiscal year ended July 31, 2024. The company reports that while the audit process is substantially complete, there are remaining final procedures to be completed, including: approval of an external accounting memorandum, potential additional audit procedures for independent conclusions, and final internal quality control sign-off from the auditor.

The company is actively working with auditors to complete the 2024 Annual Financial Filings, which include management discussion and analysis along with CEO and CFO certifications. Updates will continue to be provided in accordance with National Policy 12-203 Management Cease Trade Orders.

Body and Mind (BMMJ) has announced several key business updates. The company is preparing to open a new dispensary in Lynwood, Illinois, with an estimated launch in late January. Additionally, BMMJ has modified its Nevada operations divestment agreement, with the original buyer Vegas Brazil assigning rights to Fox Farms at a reduced purchase price of $400,000, down from the initial $2 million.

The new deal structure includes a $200,000 deposit already paid, and a $200,000 promissory note to be repaid in 12 monthly installments. The agreement includes a 99-year trademark license agreement allowing Fox Farms to use BaM's licensed marks in Nevada. The company also provided an update on its delayed 2024 Annual Financial Filings, stating that while the audit process is substantially complete, final procedures are still pending.

Body and Mind Inc. (CSE: BAMM, OTC Pink: BMMJ) has provided an update regarding the delay in filing its annual financial statements for the year ended July 31, 2024. While the audit process is substantially complete, final procedures remain pending, including: approval of an external accounting memorandum, potential additional audit procedures, and final internal quality control sign-off from the auditor. The company is actively working with auditors to complete the 2024 Annual Financial Filings and will continue providing updates in accordance with National Policy 12-203 Management Cease Trade Orders.

Body and Mind Inc. (CSE: BAMM, OTC Pink: BMMJ) has provided an update regarding the delay in filing its annual financial statements for the fiscal year ended July 31, 2024. While the audit process is substantially complete, final procedures remain pending, including approval of an external accounting memorandum, potential additional audit procedures, and final internal quality control sign-off from the auditor. The company is working closely with auditors to complete the 2024 Annual Financial Filings and will continue providing updates in accordance with National Policy 12-203 Management Cease Trade Orders.