Body and Mind Sells Michigan Dispensary

The company will concentrate on markets such as Illinois and New Jersey.

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) received all necessary regulatory approvals to divest its Muskegon, Michigan, dispensary, the company said Friday.

The transaction, outlined in an April 14 stock purchase agreement, officially took place on June 13 when DEP Nevada Inc., a wholly owned subsidiary of Body and Mind, sold all of its issued and outstanding common stock of NMG MI 1 Inc. to Big Bhang Events LLC.

The deal closed once all conditions were satisfied or waived, and the state’s cannabis regulators approved the transaction, granting Big Bhang sole ownership of NMG MI.

Big Bhang acquired the shares with a cash payment of $1 to DEP Nevada Inc.

The sale of the Michigan dispensary wasn’t large enough to require special (pro forma) financial statements to be included in the company’s official filings. The rules and regulations say that such statements are only needed for sales that are more than 20% of the company’s value.

Body and Mind, known by the acronym “BaM,” is a multistate operator that has mostly focused on limited license markets, holding cultivation, production, and retail assets. The recent divestment is seen as a strategic move for the company, in line with its plans to concentrate on markets such as Illinois and New Jersey.

Adam Jackson

Adam Jackson writes about the cannabis industry for the Green Market Report. He previously covered the Missouri Statehouse for the Columbia Missourian and has written for the Missouri Independent. He most recently covered retail, restaurants and other consumer companies for Bloomberg Business News. You can find him on Twitter at @adam_sjackson and email him at adam.jackson@crain.com.


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