Body and Mind sells Illinois properties to Dutchess Cannabis | Where to buy Skittles Moonrock online

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Body and Mind Inc. (CSE: BAMM) (OTC Pink: BMMJ) is selling its Illinois assets, NMG IL 1, LLC in Lynwood and NMG IL 4, LLC in Markham to Rubino Ventures IL, LLC also known as Dutchess Cannabis, an Illinois cannabis company which currently operates two open dispensaries. It is a female-owned and operated company. The deal is for $5 million in cash.

“The cannabis industry is going through a challenging time, and growth capital for smaller companies such as BaM has become both hard to find and prohibitively expensive. In this environment, we determined that “going it alone” in Illinois would likely create less value than selling our Illinois assets to an established operator in the market. We believe the sale to Dutchess Cannabis allows the Company to obtain near-term cash to better its balance sheet and provide capital for its New Jersey dispensary construction, as well as also benefiting from Dutchess Cannabis’ local infrastructure and future success through the earnout,” stated Michael Mills, CEO of BaM.

Deal details

BAM will receive $1,666,666 cash for the Lynwood property upon signing agreements and the same amount on closing. The company will get two payments of $833,334 cash for the Markham property within the same timeline. There is the potential for additional cash earnouts based on trailing twelve-month EBITDA calculated as of the end of the fifteenth-month period after the effectiveness of the respective MSAs (managed services agreements).

“Dutchess Cannabis is excited to bring high quality and affordable cannabis to the City of Markham and the Village of Lynwood. We are eager to become great partners and good neighbors to both communities,” stated Meg Rubino, CEO of Dutchess Cannabis. The company has two dispensaries located in Oak Park and Morton Grove.

BAM troubles

Body and Mind had told investors back in October that it was in serious financial difficulty. The company removed its stock from trading on the Over-the-counter Marketplace to save the fees. 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.