Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Multistate cannabis operator Body and Mind Inc (OTC:BMMJ) said Monday that it closed its previously announced private placement offering with M. Partners Inc for 11,780,904 units of the company at a price of CA$1.25 (93 cents) per unit.
The gross proceeds from the offering are CA$14.7 million ($10.9 million).
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Each unit represents one common share of Body and Mind and one common share purchase warrant of the company. Each warrant can be acquired at CA$1.50 per share for 48 months following the closing date, subject to adjustment in certain events.
M. Partners will serve as lead agent, according to Body and Mind. A syndicate of agents, including PI Financial Corp., are also involved, the company said.
Why It Matters
"The financing was originally planned for gross proceeds of up to CAD$10 million and we are extremely pleased with the increased interest which will allow us to accelerate our growth as a multi-state operator," Robert Hasman, director of BaM and president of Nevada Medical Group, said in a statement.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
In addition to Nevada, Body and Mind owns assets in California, Ohio and Arkansas.
What’s Next
The cannabis MSO said it plans to use its net proceeds from the offering to expand its production capacity, build out dispensaries, expand operations and for working capital and general corporate purposes.
“We look forward to advancing our numerous projects including facility expansion and construction, optimization, state licensing opportunities and acquisitions,” Hasman said.
Over-the-counter Body and Mind shares were down 3.47 percent at $1.95 at the time of publication Monday.
Related Links:
Aurora Cannabis Shares Dive Following $250M Offering News
Harvest Health & Recreation Closes First $100M Tranche Of Private Placement
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.