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. ("BaM") (BMMJ) generates frequent corporate news as an operations-focused cannabis company active in regulated U.S. retail markets. Its news releases provide insight into how the company manages its retail cannabis dispensaries, development projects, financing arrangements, and regulatory obligations.
BaM’s recent announcements highlight several key themes. The company has reported agreements to divest dispensary assets and subsidiaries in Nevada, California, Illinois, and New Jersey through membership interest purchase agreements and asset purchase agreements. These items of news often include details on cash consideration, escrow arrangements, potential earnouts, and state-level regulatory approvals required for closing.
Another category of news covers BaM’s financial reporting and regulatory status. The company has disclosed delays in filing annual and interim financial statements, the need to restate certain quarterly financial reports due to accounting treatment of a variable interest entity and management fee income, and the issuance of a cease trade order by the British Columbia Securities Commission. Updates on audit progress, planned amended filings, and management’s efforts to address these matters are central topics in these releases.
BaM also issues updates on store openings, such as the grand opening of a Lynwood, Illinois dispensary, and on subsequent agreements to sell those locations to other operators. In addition, the company has reported amendments to its credit facility with Bengal Catalyst Fund, including changes to borrowing capacity, interest rates, and forbearance terms.
Investors and observers following BMMJ news can use this page to review BaM’s disclosures on retail operations, asset sales, financial reporting developments, and regulatory actions. Regularly reviewing these updates can help readers understand how the company is adjusting its retail footprint, managing capital, and responding to the challenges it identifies in the cannabis industry.
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.
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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