BMMJ - Ohio Dispensary Sale To Fund Retail Expansion In Other States? This Cannabis Co. Shifts Focus | Benzinga
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) said on Wednesday that its wholly owned subsidiary, DEP Nevada, Inc., has closed the previously announced transaction to sell all of its interests in the Body and Mind Ohio dispensary for $8.225 million in cash.
What Happened
DEP Nevada entered into an equity purchase agreement with FarmaceuticalRX, LLC in July, whereby DEP agreed to sell all of the issued and outstanding interests, equity or profit interests in NMG OH 1, LLC, which owns and operates the Body and Mind Ohio dispensary, to the purchaser.
The deal includes an additional $2.5 million in potential contingent proceeds.
Simultaneously with the closing of the disposition of the dispensary, the company has fully repaid its $7.33 million debt owing to its senior secured lender.
Why It Matters
The Las Vegas company plans to use the proceeds from the disposition of the dispensary to fund the development of its retail assets in Illinois and New Jersey.
"The closing of the Ohio dispensary ...