Body and Mind has announced entry into a credit facility agreement with Bengal Catalyst Fund, LP for up to US$2.3 million, which is intended to be fully drawn down.
"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 US$2.5 million contingent payment should a second retail license be awarded and subsequently opened. We are pleased to see the acquirer of such an Ohio dispensary in the process of developing a second dispensary and we now believe, but cannot guarantee given inherent uncertainties in these processes, that we should receive the US$2.5 million cash payment in early 2025."
For more information:
Body & Mind
bamcannabis.com