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Body and Mind Inc. (BMMJ) is a diversified, operation-focused cannabis company with a presence in multiple states, including Arkansas, California, Illinois, and pending operations in New Jersey. The company is known for its retail operations, craft cultivation, and processing capabilities, aimed at delivering high-quality cannabis products to consumers.
Recently, Body and Mind has been making significant strides in its corporate strategy. The company announced the planned divestment of its Ohio processing operation and license, with funds earmarked to reduce debt and support the development of new market opportunities in Illinois and New Jersey. The construction of the Body and Mind branded dispensary in Lynnwood, Illinois, has commenced, with significant progress toward building permits and groundwork. Additionally, the company has finalized building plans for a new dispensary in Lawrenceville, New Jersey, and received local authorization, with state approval in process.
The sale of the Ohio dispensary, which fetched $8.225 million in cash (with an additional $2.5 million in potential contingent proceeds), has allowed Body and Mind to repay its $7.33 million debt. This early repayment significantly lowers the company's annual interest expenses by approximately $1 million.
Financially, Body and Mind reported an annual revenue of $22.8 million for the fiscal year ended July 31, 2023. The company's efforts to streamline assets and operations have bolstered its financial stability, with a focus on high-return projects in Illinois and New Jersey. The company has also announced updates on its Nevada operations and continues to explore new market opportunities as the cannabis industry matures.
Body and Mind Inc. is committed to increasing its market share through exceptional customer service and operational efficiency. The company prioritizes return on investment and is poised for significant future shareholder value creation as it expands its retail footprint and operational capabilities.
Body and Mind (BMMJ) has secured a credit facility agreement with Bengal Catalyst Fund for up to US$2.3 million. The facility bears an 18% annual interest rate with a 5% original issuer discount and a 2-year maturity period. The company has also amended its existing convertible debentures, modifying the interest rate to 15% per annum. CEO Michael Mills highlighted that this financing will support development projects in Illinois and New Jersey, and mentioned a potential US$2.5 million payment expected in early 2025 from a previous Ohio dispensary sale contingency.
Body and Mind Inc. (CSE: BAMM) (OTC Pink: BMMJ) has announced the closing of a previously reported transaction involving the sale of its Ohio processor interests. The company's subsidiary, DEP Nevada, Inc., has sold all interests in NMG OH P1, , which operates the Body and Mind Ohio processor, to LMTB, for a total consideration of US$2 million in cash. This transaction, initially reported on September 6, 2023, has been completed with the cash received in early 2024. The sale price is subject to a working capital adjustment and other customary adjustments.
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) announced its Q3 2024 financial results, showing a revenue increase to $4.41 million from $4.17 million in Q3 2023. Gross profit also rose to $1.96 million from $1.93 million. Despite these gains, the company reported a net operating loss of $1.34 million, slightly higher than the $1.28 million loss in Q3 2023. However, net income improved to a loss of $2.54 million from $3.61 million. For the nine months ending April 30, 2024, revenue was $13.39 million, up from $13.24 million in the same period last year. The net operating loss for this period improved to $3.26 million from $3.83 million. Operational highlights include growth at the Markham, Illinois dispensary, completion of the Lynwood, Illinois dispensary pending final roadworks, and obtaining a New Jersey Annual license for a new dispensary in Lawrenceville.
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