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. reports corporate developments for its cannabis retail business, including dispensary operations, store openings, asset transactions, and subsidiary-level agreements. The company has described BaM as an operations-focused cannabis company with retail dispensary activities in California and Illinois and pending retail operations in New Jersey.
Recurring updates for BMMJ cover changes to the dispensary portfolio, completed Illinois dispensary transactions, dispensary divestiture agreements, material agreements, capital-structure disclosures, and financial reporting matters such as restatements, variable-interest-entity accounting, and management-fee recognition.
Body and Mind (CSE:BAMM, OTC:BMMJ) announced the closing of its previously disclosed New Jersey equity interest transaction involving BaM Body and Mind Dispensary NJ.
DEP Nevada sold 100% of BAM NJ equity interests to Ascend New Jersey and a social equity partner, triggering release of $1 million escrow cash to DEP.
Body and Mind (CSE:BMMJ) announced it has closed two Illinois dispensary transactions originally disclosed January 30, 2025. The company received cash proceeds of $1,666,667 (NMG IL 1) and $833,333 (NMG IL 4) before certain indebtedness and transaction expenses.
Each sale includes an earnout payable in cash equal to 3.2× Earnout Period EBITDA less the purchase price paid; the earnout period runs months 4–15 after regulatory approval of the related management services agreements.
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.