Business
Body and Mind Highlights Recent Activities
Las Vegas, Nevada and Vancouver, British Columbia--(Newsfile Corp. - September 6, 2023) - Body an...
About this update from Body & Mind Inc.
[{"type":"text","content":"Body and Mind Highlights Recent ActivitiesLas Vegas, Nevada and Vancouver, British Columbia--(Newsfile Corp. - September 6, 2023) - Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the \"Company\" or \"BaM\"), a multi-state operations-focused cannabis company, is pleased to provide a corporate update, including the planned divestment of its Ohio processing operation and license, the commencement of construction at the Body and Mind branded dispensary in Lynnwood, Illinois, and the finalization of its building plans for its New Jersey dispensary.\"We are encouraged by last week's announcement from the U.S. Department of Health and Human Services, which called for cannabis to be reclassified to Schedule III and look forward to the next steps within the rescheduling process,\" stated Michael Mills, CEO of Body and Mind. \"We are laser focused on advancing our operations and licenses in Illinois and New Jersey; in addition to the recently announced divestment of our Ohio dispensary (see July 24, 2023 press release), we have now executed definitive agreements to divest our Ohio processing operation and license. Funds from both asset sales are earmarked to reduce debt and create more balance sheet flexibility to support the development of our Illinois and New Jersey market opportunities.\"Ohio Processor DivestmentThe Company is pleased to announce that its wholly-owned subsidiary, DEP Nevada, Inc. (\"DEP\"), has entered into a membership interest purchase agreement with LMTB, LLC (the \"Purchaser\"), whereby DEP agrees to sell all of the issued and outstanding interests (the \"Interests\") in NMG OH P1, LLC (\"NMG OH P1\"), which owns and operates the Body and Mind Ohio processor, to the Purchaser.The total consideration for the transaction is US$2 million including US$1 million cash placed in escrow within three days of execution of the definitive agreement and US$ 1 million cash at closing. The purchase price is subject to adjustments based on estimated closing indebtedness, estimated transaction expenses, estimated closing cash, and a working capital adjustment. Closing shall occur on the later of: (i) the first calendar day of the month following the satisfaction or waiver, if applicable, of all closing conditions, including the receipt of all approvals for the transfer of the license by the State of Ohio Department of Commerce, or s...