Body and Mind Provides Corporate Update
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) has successfully closed the Seaside dispensary acquisition, enhancing its retail footprint in California. The transaction involved issuing 16,301,694 common shares at a deemed price of US$0.134 per share. The dispensary, operational since December 2021, is expected to boost the company's retail strategy. Additionally, the company is finalizing its year-end financial statements, expected to be filed by December 22, 2022.
- Closing of Seaside dispensary transaction expands retail operations in California.
- Established a strong customer following with the Seaside dispensary since December 2021.
- 16,301,694 shares issued may dilute existing shareholders' equity.
- Conditions for 2,238,806 shares held in escrow pending working capital adjustments create uncertainty.
VANCOUVER, BC, Dec. 8, 2022 /PRNewswire/ - Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the "Company" or "BaM"), a multi-state operator, is pleased to announce that it has closed the Seaside dispensary transaction, which it had previously disclosed such transaction in news releases dated December 1, 2021 and June 21, 2022.
"We have been operating the Seaside "Reef" dispensary since December 2021 and the retail location is an important aspect of our California retail strategy," stated Michael Mills, CEO of Body and Mind. "The "Reef" dispensary in Seaside has a great location, strong customer following and compliments our successful San Diego, Body and Mind branded dispensary and Long Beach dispensary."
Pursuant to the closing of the Seaside dispensary, Body and Mind issued an aggregate of 16,301,694 common shares to the vendors of Canopy Monterey Bay, LLC, which owns the Seaside dispensary, at a deemed price of US
The Company and its auditors are working closely to complete the year end financial statements and work is near completion from external valuation and tax consultants. The Company anticipates the year end Financial Statements to be filed on or before December 22, 2022.
BaM is an operations focused multi-state operator investing in high quality medical and recreational cannabis cultivation, production and retail. Our wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licenses and holds cultivation and production licenses. BaM products include dried flower, edibles, oils and extracts as well as GPEN Gio cartridges. BaM cannabis strains have won numerous awards including the 2019 Las Vegas Weekly Bud Bracket, Las Vegas Hempfest Cup 2016, High Times Top Ten, the NorCal Secret Cup and the Emerald Cup.
BaM continues to expand operations in Nevada, California, Arkansas, Ohio and Michigan and is dedicated to increasing shareholder value by focusing time and resources on improving operational efficiencies, facility expansions, state licensing opportunities as well as mergers and acquisitions.
Please visit www.bodyandmind.com for more information.
Instagram: @bodyandmindBaM
Twitter: @bodyandmindBaM
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.
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.
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SOURCE Body and Mind Inc.
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