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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 Inc. (OTCQB: BMMJ) has provided a corporate update regarding the construction of two new dispensaries in Illinois. The Markham location is expected to open by late April, strategically positioned in a high-traffic area with over 400,000 vehicles passing daily. The second dispensary in Southern Chicago has received community approval and is in the process of obtaining building permits. In 2022, Illinois cannabis sales reached $1.55 billion with only 113 dispensaries serving nearly 13 million people. Body and Mind is poised to enhance its presence in a largely underserved market.
Body and Mind Inc. (CNSX: BAMM; OTCQB: BMMJ) announced the appointment of Josh Rosen to its board of directors, enhancing its leadership as it expands into key markets like Illinois and New Jersey. Rosen, managing partner at Bengal Capital, previously led 4Front Ventures Corp., growing its operational focus and market presence. CEO Michael Mills expressed confidence in Rosen's expertise to drive value in the evolving cannabis sector. The company also acknowledged the contributions of Dong Shim, who remains as CFO, ensuring continuous leadership during this transition.
Body and Mind Inc. (OTCQB: BMMJ) reported Q1 FY 2023 revenues of
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) reported an annual revenue of
Body and Mind Inc. (CSE: BAMM.US, OTCQB: BMMJ) announced a delay in filing its 2022 Annual Financial Filings for the year ending July 31, 2022. The audit process is nearly complete, pending final approval from an external consultant, updates on tax provisions, and internal quality control sign-off. The company is committed to transparency and will provide updates in accordance with National Policy 12-203. BaM operates in multiple states including Ohio, Arkansas, Michigan, and California, with plans to expand into Illinois and New Jersey.
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) has successfully closed a convertible debenture financing raising US$3.0 million led by Bengal Impact Partners. This funding will support the company's efforts to enter the New Jersey cannabis market through the acquisition of CraftedPlants NJ, Inc., which holds a retail location with local approval. Additionally, new board member Josh Rosen from Bengal Capital aims to enhance strategic operations. The financing includes provisions for warrants and registration rights, aligning interests for future growth.
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) has provided an update on the delay of its annual financial statements for the year ending July 31, 2022. The audit process is nearly complete, pending final approval from an external valuation consultant, tax provision updates, and quality control sign-off. The company is committed to transparency and will continue to update stakeholders according to National Policy 12-203. BaM operates active retail locations in several U.S. states and aims to expand its market share through customer satisfaction and operational efficiency.
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.
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) announced a delay in filing its annual financial statements for the year ending July 31, 2022. The deadline of November 28, 2022, could not be met due to incomplete audit processes, including final approvals and updates necessary for filing. A management cease trade order has been imposed on the CEO and CFO until the filings are submitted by approximately December 8, 2022. The company is working with external consultants to meet future deadlines. BaM operates in multiple states, focusing on cannabis cultivation and retail.
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) has received conditional dispensary licenses for its subsidiaries NMG IL 1 and NMG IL 4 in Chicago, part of BLS Region #5, which offers 119 licenses. This expansion is expected to enhance shareholder value as the company partners with a social equity partner to enter the Illinois market. Body and Mind, known for its operations in multiple states, aims to leverage its expertise in cannabis cultivation and retail to grow its brand in this populous area.
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