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) operates retail cannabis dispensaries with strategic focus on operational efficiency and market expansion. This news hub provides investors and industry stakeholders with comprehensive updates on the company's retail operations, financial strategies, and regulatory compliance efforts in key U.S. markets.
Access official press releases detailing BMMJ's dispensary operations, asset management decisions, and market-specific developments. Our curated collection includes updates on California and Illinois retail expansions, New Jersey market entries, and operational streamlining initiatives designed to enhance shareholder value.
Key updates cover strategic divestitures, credit facility adjustments, and operational efficiency improvements. Stay informed about BMMJ's disciplined approach to retail cannabis operations through timely filings and market expansion announcements.
Bookmark this page for direct access to BMMJ's evolving retail strategy in the regulated cannabis sector. Check regularly for updates on store openings, operational optimizations, and financial developments shaping the company's multi-state presence.
Body and Mind (OTC: BMMJ) has announced a significant divestment agreement in New Jersey. The company's subsidiary, DEP Nevada, will sell its entire ownership of BaM Body and Mind Dispensary NJ to Ascend New Jersey and a social equity partner for US$2.0 million in cash.
Under the terms of the agreement, Ascend New Jersey will acquire 35% of BAM NJ, while their social equity partner will own 65%. The payment structure includes US$1 million at closing (less any indebtedness and transaction expenses) and US$1 million held in escrow pending satisfaction of closing conditions.
Body and Mind Inc. (OTC: BMMJ) has announced that its subsidiary, DEP Nevada, Inc., has entered into a Purchase Agreement with Ascend New Jersey, LLC to sell its entire equity interests in BaM Body and Mind Dispensary NJ, Inc.
The transaction is valued at US$2.0 million in cash, structured as follows: US$1 million payable at closing (less any indebtedness and transaction expenses), and US$1 million placed in escrow pending satisfaction of closing conditions. Additional transaction details will be available in an upcoming Form 8-K filing.
Body and Mind Inc. (OTC: BMMJ) has announced that its subsidiary DEP Nevada, Inc. has entered into an Asset Purchase Agreement to sell its 60% ownership interest in NMG San Diego LLC, which operates the Body and Mind San Diego dispensary, to OTC Miramar, LLC.
The total consideration for the transaction is US$1.6 million in cash, with US$100,000 already paid as a deposit. Additional transaction details will be available in the Company's upcoming Form 8-K filing.
Body and Mind Inc. (CSE: BAMM, OTC Pink: BMMJ) has announced that its subsidiary DEP Nevada has entered into a Membership Interest Purchase Agreement to sell its Long Beach dispensary operations. The agreement with SGC Retail Partners involves selling all interests in NMG Long Beach, for a total consideration of US$856,250 in cash. A deposit of US$100,000 has already been received by DEP. Additional transaction details will be available in an upcoming Form 8-K filing.
Body and Mind Inc. (OTC: BMMJ) has announced the Grand Opening of its Lynwood Illinois dispensary scheduled for April 12th at 12:00 PM. The dispensary is located at 20513 Torrence Ave, Lynwood IL 60411.
The company has previously announced definitive agreements to sell the Lynwood dispensary (as per January 30, 2025 news release) and will continue operations pending regulatory approval of the transaction.
Additionally, BaM has amended its credit facility with Bengal Catalyst Fund, which includes:
- A $833,334 payment towards the defaulted credit facility
- Permission to reborrow $833,334 on a revolving basis
- Reduction of non-revolving balance to $1.4 million
- Interest rate increase from 18% to 24% for loans ≥$1.7 million
- 60-day forbearance period to cure default
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.
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