Body and Mind Inc. BAMM BMMJ announced entry into the Illinois market with the opening of the Body and Mind dispensary in Markham, Illinois.
"We are excited to open the Markham dispensary and believe that Illinois continues to be an underserved market for cannabis patients and customers," stated Michael Mills, CEO of Body and Mind. "We believe our approachable and efficient store design, curated product offerings, and knowledgeable staff will be welcomed in the Illinois market. The second Body and Mind dispensary in Illinois is moving through the development stage and the company is advancing our Illinois and New Jersey opportunities as quickly as possible."
The company has options to acquire the Body and Mind-branded dispensary in Markham, Illinois along with the other Illinois Body and Mind-branded dispensary pursuant to a convertible credit facility between DEP and each of NMG IL 1, LLC and NMG IL 4, LLC and membership interest purchase agreements between DEP and the members of NMG 1 and NMG 4. The dispensaries are managed by the company.
Issuance Of Stock Options
Additionally, and as authorized by the company's compensation committee and board of directors, the company has issued an aggregate of 9.8 million stock options in accordance with the company's 2023 stock and incentive plan. The options are exercisable at a price of CA$0.065 per share for a five year term expiring April 25, 2028. The options were granted to certain directors, officers, employees and consultants of the company. 5.7 million of the options vested immediately and 4 million of the options vest as to 25% on each date that is 6 months, 12 months, 18 months and 24 months from the date of grant. In accordance with the policies of the Canadian Securities Exchange, the options and any common shares issued upon exercise will be subject to a four-month resale restriction from the date of grant.
Photo by Ryan Lange on Unsplash
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