$3M In New Funding Facilitate New Jersey Landing For This Multi-State Cannabis Operator

Body and Mind Inc. BAMM (OTCQB: BMMJ), a multi-state cannabis operator, recently announced is providing an update regarding its delayed annual financial statements for the year ended July 31, 2022.

That includes related management discussion and analysis, as well as CEO and CFO certifications (collectively, the "2022 Annual Financial Filings"), per a press release.

According to the company, the additional final procedures include final approval from an external valuation consultant for the auditor, updating a tax provision, and final internal QC (quality control) sign-off from the auditor. "The Company and auditors are working closely to complete the 2022 Annual Financial Filings and will continue to provide updates in accordance with National Policy 12-203 Management Cease Trade Orders."

Body and Mind' Market Advances 

Simultaneously, Body and Mind announced a number of developments that fund the company's near-term projects and facilitate entry into the emerging New Jersey market, while also adding long-tenured cannabis experience and strategic insight to its board of directors, per a press release.

Among the company announcements are:

  • Convertible Debenture Financing: The Company has closed a convertible debenture financing for gross proceeds of US$3.0 million with funds associated with a strategic investor, Bengal Impact Partners, LLC ("Bengal Capital"), with additional participation from Mindset Capital, LLC, according to the press release.
  • Entry Into New Jersey: The company is acquiring CraftedPlants NJ, Inc. ("CPNJ"), an entity that leases a New Jersey retail location with local marijuana-use approval and is currently working on attaining final state licensure in New Jersey.
  • New Board Member: Also, Josh Rosen, managing partner of Bengal Capital, “will join the board of the Company upon completion of any regulatory or exchange requirements,” per the press release.

“We are thrilled to have the team at Bengal Capital transition from being a supportive shareholder to a strategic partner," stated Michael Mills, CEO of Body and Mind. "The team at Bengal has a long track record of value creation in the industry and today's transactions secure the trajectory of the Company's current focus; the successful tenant improvements and start-up of two Body and Mind branded dispensaries in Illinois.”

Josh Rosen, managing partner at Bengal Capital, said, "We focus our diligence on operating talent and our ability to help augment value drivers, and we think BaM represents a great combination of capabilities and opportunity.” "We believe these two projects are located in attractive markets, and I look forward to joining BaM's board and supporting its value creation strategy going forward."

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Photo: Courtesy Of Joel Muniz On Unsplash

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Posted In: CannabisNewsMarketsBody and Mind Inc.Josh RosenMichael MillsNew Jersey Cannabis Marketpremium
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