Body and Mind Inc. Updates Progress in Filing Financial Statements

Rhea-AI Summary

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.

Positive

• None.

Negative

• Delayed filing of 2024 annual financial statements and related documents
• Potential risk of regulatory actions due to delayed financial filings
• Management cease trade order implications

Las Vegas, Nevada and Vancouver, British Columbia--(Newsfile Corp. - December 13, 2024) - Body and Mind Inc. (CSE: BAMM) (OTC Pink: BMMJ) (the "Company" or "BaM") is providing an update regarding its delayed annual financial statements for the year ended July 31, 2024, including the related management discussion and analysis and CEO and CFO certifications (collectively, the "2024 Annual Financial Filings").

Although the audit process is substantially complete, the additional final procedures include (i) final approval of an external accounting memorandum for the auditor, (ii) application of additional audit procedures (as needed) to assess independent conclusions, and (iii) final internal QC sign-off from the auditor.

The Company and auditors are working closely to complete the 2024 Annual Financial Filings and will continue to provide updates in accordance with National Policy 12-203 Management Cease Trade Orders.

About Body and Mind Inc.

BaM is an operations-focused cannabis company which operates retail cannabis dispensaries in California and Illinois and pending retail operations in Illinois and New Jersey. We work daily to increase our market share through delighting customers while also continuing to hone our operational efficiencies to drive profits. We are primarily guided by the metric of return on investment. Currently, we believe the most significant return on investment projects in front of us are successful retail cannabis store launches in Illinois and New Jersey, which augment our existing retail footprint.

Please visit www.bodyandmind.com for more information.
Twitter: @bodyandmindBaM

For further information, please contact:

Company Contact:

Michael Mills
President and CEO
Tel: 800-361-6312
ir@bamcannabis.com

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

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of activities, variations in the underlying assumptions associated with the estimation of activities, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233634

FAQ

When will Body and Mind (BMMJ) file its 2024 annual financial statements?

The exact filing date is not specified, but the company indicates the audit process is substantially complete with some final procedures pending.

What are the remaining steps for BMMJ to complete its 2024 financial audit?

The remaining steps include approval of an external accounting memorandum, possible additional audit procedures, and final internal QC sign-off from the auditor.

How does the delayed filing affect BMMJ's compliance with securities regulations?

The company is subject to National Policy 12-203 Management Cease Trade Orders and must provide regular updates regarding the delayed filing status.

What period do the delayed BMMJ financial statements cover?

The delayed financial statements cover the fiscal year ended July 31, 2024.