Body and Mind Inc. announced the divestment of its subsidiary, DEP Nevada, Inc., from New Jersey.
The company entered into a Purchase Agreement with Ascend New Jersey, LLC for the sale of all equity interests in BAM NJ.
The total consideration for the acquisition of BAM NJ's interests is US$2.0 million, with specific payment terms detailed in the agreement.
Divestment Agreement
DEP Nevada, Inc., the company's subsidiary, will sell all equity interests in BAM NJ to Ascend New Jersey, LLC for US$2.0 million.
Purchase Agreement Details
The agreement includes US$1 million cash payment, an escrow of US$1 million, and considerations for existing debts and expenses.
Transaction Information
Further details on the transaction will be available in the upcoming Form 8-K filing on EDGAR.
- The divestment from New Jersey signifies a strategic move by Body and Mind Inc. to streamline its operations and focus on core business activities.
- This agreement can potentially improve the company's financial position by generating cash inflow from the sale of BAM NJ's interests.
Body and Mind Inc.'s divestment agreement marks a significant step in reshaping its portfolio and optimizing business operations. The financial details and strategic implications of this transaction highlight the company's commitment to growth and efficiency in the cannabis industry.