Connect with us

BAMM

Body and Mind fights for survival with new credit facility

Published

on


Body and Mind Inc. (CSE: BAMM) (OTC Pink: BMMJ) or BAMM is valiantly fighting for survival as the company announced that it received a credit facility agreement with Bengal Catalyst Fund, LP for up to $2.3 million, which the company said is intended to be fully drawn down. While telling investors about the loan, the company said that each of the directors, other than Joshua Rosen who abstained, determined that the company was in ‘serious financial difficulty.’

“The credit facility agreement gives the company flexibility to accomplish its near-term objectives of rationalizing its asset base and protecting shareholder value, which includes supporting the development of its in-process dispensary projects in Illinois and New Jersey,” stated Michael Mills, CEO of Body and Mind. “Additionally, when we sold our Ohio dispensary, we negotiated a $2.5 million contingent payment should a second retail license be awarded and subsequently opened,” Mills added that it looked like the buyer was planning to add that second dispensary and that BAMM could get that additional payment in early 2025.

Downgraded at the OTC

In August BAMM told investors that its shares of common stock stopped trading on the OTCQB Venture Market and began trading on the Pink Open Market operated by OTC Markets Group Inc. under the same symbol of “BMMJ”. However, due to the lack of trading on the OTCQB, the company decided to not continue with the posting of its shares of common stock on the OTCQB. The company said its shares of common stock would still continue to trade on the Canadian Securities Exchange under the symbol “BAMM”

Cash pressures

BAMM last reported earnings in June when the company reported a net loss of $2.5 million for its third fiscal quarter of 2024, which ended April 30. Green Market Report wrote that the company posted $4.4 million in total revenue, up year-over-year from $4.1 million. That brings the fiscal year total revenue to $13.3 million, also up year-over-year from $13.2 million. But operating costs totaled $7.7 million for the quarter, ultimately forcing Body and Mind into loss territory.

The company also reported at the time that it was a going concern and was down to $291,543 in cash and a working capital deficit of $5,411,007. The company had $28 million in total liabilities at that time.

Looking ahead

Looking ahead, the company has said that its Markham Ilinois dispensary continues to show growth with new customers and increased transactions each month. Construction is complete on the Lynwood, Ilinois dispensary. The dispensary is roughly one mile from the border of Indiana. The company received the New Jersey Annual license for BaM Body and Mind Dispensary NJ, Inc. The dispensary will be 4,000 square feet with more than 100 parking places. The dispensary in Lawrenceville is in a jurisdiction that has approved only two dispensaries and is on the main US 1 (Brunswick Pike) corridor with over 35,000 cars per day passing by.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

featured1 hour ago

Massachusetts Campaign To Roll Back Marijuana Legalization Law Is ‘On Track’ To Make 2026 Ballot, Spokesperson Says

featured2 hours ago

Village Farms Introduces Industry-First, One-Way Aroma Valve in Cannabis Packaging

featured3 hours ago

Ohio House Passes Bill To Remove Voter-Approved Marijuana Legalization Protections And Restrict Hemp Market

featured4 hours ago

Sorting Robotics Becomes Cannabis Manufacturing’s First True Systems Integrator

featured5 hours ago

Wisconsin Senators Hold Hearing On GOP Leader’s New Medical Marijuana Legalization Bill

featured6 hours ago

Tariffs And Visas Add To The Cannabis Industry’s Misery

featured7 hours ago

Rhode Island Cannabis Chair Steps Down; Adult-Use Dispensary Awards Months Away

featured8 hours ago

How America Accidentally Legalized Lab Cannabis

featured9 hours ago

New Hampshire Lawmakers Announce Plans For Marijuana, Psychedelics And Hemp Bills For 2026 Session

featured10 hours ago

Metrc Announces In-Person Events in New York to Prepare Licensees For Track-and-Trace Implementation

featured11 hours ago

Top Rhode Island Marijuana Regulator Steps Down Ahead Of Possible Campaign For Attorney General

featured12 hours ago

Lifestyle Brand Cookies Launches in Brazil With Premium Wellness Products

featured14 hours ago

Alcohol companies lobby Congress on cannabis drinks (Newsletter: October 22, 2025)

featured22 hours ago

Millennials Are Spending Big on Luxury Travel

featured24 hours ago

Ohio Lawmakers Advance Bill To Scale Back Voter-Approved Marijuana Law And Impose Hemp Regulations

featured1 day ago

Data Confirms Cannabis Is Safer Than Alcohol

featured1 day ago

American Council of Cannabis Medicine Unveils Major Industry Initiative to Expand Medical Cannabis Access

featured1 day ago

Scientists Develop New Class Of CBD Using A Common Kitchen Spice—Not Cannabis

featured1 day ago

Evidence About Burning Mouth Syndrome And Cannabinoids

featured1 day ago

Raw Garden Acquires ‘California Love’ to Grow Clean Cannabis Movement

featured1 day ago

Rhode Island Marijuana Officials Approve Timeline For Awarding New Dispensary Licenses

featured1 day ago

‘Rent-a-License’ Scheme Highlights New York Cannabis’s Track-and-Trace Problem

featured1 day ago

Alcohol Industry Steps Up Lobbying On Hemp Drinks As Congress Debates THC Ban

featured1 day ago

Cannabis Mogul Appointed Ambassador To Middle East Country

California Cannabis Updates1 year ago

Alert: Department of Cannabis Control updates data dashboards with full data for 2023 

Breaking News1 year ago

Connecticut Appoints The US’s First Cannabis Ombudsperson – Yes there is a pun in there and I’m Sure Erin Kirk Is Going To Hear It More Than Once!

best list1 year ago

5 best CBD creams of 2024 by Leafly

Business1 year ago

Recreational cannabis on ballot for third time in South Dakota

Business1 year ago

EU initiative begins bid to open access to psychedelic therapies

cbd1 year ago

New Study Analyzes the Effects of THCV, CBD on Weight Loss

Bay Smokes1 year ago

Free delta-9 gummies from Bay Smokes

autoflower seeds1 year ago

5 best autoflower seed banks of 2024 by Leafly

cannabis brands1 year ago

Discover New York’s dankest cannabis brands [September 2024]

California1 year ago

May 2024 Leafly HighLight: Pink Runtz strain

Hemp1 year ago

Press Release: CANNRA Calls for Farm Bill to Clarify Existing State Authority to Regulate Hemp Products

best list1 year ago

5 best THC drinks of 2024 by Leafly

Mississippi Cannabis News1 year ago

Local medical cannabis dispensary reacts to MSDH pulling Rapid Analytics License – WLBT

best list1 year ago

6 best CBD gummies of 2024 by Leafly

Breaking News1 year ago

Curaleaf Start Process Of Getting Their Claws Into The UK’s National Health System – With Former MP (Resigned Today 30/5/24) As The Front Man

Mississippi Cannabis News1 year ago

Horn Lake denies cannabis dispensary request to allow sale of drug paraphernalia and Sunday sales | News

best list1 year ago

5 best delta-9 THC gummies of 2024 by Leafly

Mississippi Cannabis News1 year ago

Mississippi city official pleads guilty to selling fake CBD products

Arkansas1 year ago

The Daily Hit: October 2, 2024

Breaking News1 year ago

Nevada CCB to Accept Applications for Cannabis Establishments in White Pine County – “Only one cultivation and one production license will be awarded in White Pine County”

best list1 year ago

5 best THCA flower of 2024 by Leafly

Breaking News1 year ago

Weekly Update: Monday, May 13, 2024 including, New Guide for Renewals & May Board meeting application deadline

best list12 months ago

6 best hemp pre-rolls of 2024 by Leafly

Breaking News1 year ago

PRESS RELEASE : Justice Department Submits Proposed Regulation to Reschedule Marijuana

Trending