Welcome to our dedicated page for Body And Mind news (Ticker: BMMJ), a resource for investors and traders seeking the latest updates and insights on Body And Mind stock.
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 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.
Body and Mind (CSE: BAMM, OTC: BMMJ) has announced a delay in filing its annual financial statements for the year ended July 31, 2024. The company missed the November 28, 2024 filing deadline due to incomplete audit procedures. The delay involves pending items including final approval of external accounting memorandum, additional audit procedures, and final internal QC sign-off from the auditor. A management cease trade order has been imposed against the CEO and CFO. The company expects to file the 2024 Annual Financial Filings by December 9, 2024 and is engaging an external accounting consultant to prevent future delays.
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.
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