Ohio Dispensary Sale To Fund Retail Expansion In Other States? This Cannabis Co. Shifts Focus
Portfolio Pulse from Jelena Martinovic
Body and Mind Inc. (BMMJ) has sold its interests in the Body and Mind Ohio dispensary for $8.225 million in cash. The deal includes an additional $2.5 million in potential contingent proceeds. The company has also fully repaid its $7.33 million debt to its senior secured lender. The proceeds from the sale will be used to fund the development of its retail assets in Illinois and New Jersey. The company's shares traded 23.5968% lower at $0.0667 per share on Wednesday morning.
October 18, 2023 | 2:41 pm
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Body and Mind Inc. has sold its Ohio dispensary and repaid its debt, planning to use the proceeds for expansion in Illinois and New Jersey. The company's stock traded lower.
The sale of the dispensary and repayment of debt indicates a strategic shift for Body and Mind Inc., focusing on expansion in other states. However, the news of the sale led to a drop in the company's stock price, indicating a negative short-term impact.
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