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Body and Mind Provides Corporate Update

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NEWS PROVIDED BY  Body and Mind Inc.  Dec 08, 2022, 08:30 ET

VANCOUVER, BC, Dec. 8, 2022 /PRNewswire/ - Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the "Company" or "BaM"), a multi-state operator, is pleased to announce that it has closed the Seaside dispensary transaction, which it had previously disclosed such transaction in news releases dated December 1, 2021 and June 21, 2022.

"We have been operating the Seaside "Reef" dispensary since December 2021 and the retail location is an important aspect of our California retail strategy," stated Michael Mills, CEO of Body and Mind. "The "Reef" dispensary in Seaside has a great location, strong customer following and compliments our successful San Diego, Body and Mind branded dispensary and Long Beach dispensary."

Pursuant to the closing of the Seaside dispensary, Body and Mind issued an aggregate of 16,301,694 common shares to the vendors of Canopy Monterey Bay, LLC, which owns the Seaside dispensary, at a deemed price of US$0.134 per share in accordance with the terms of the membership interest purchase agreements, as amended.  2,238,806 of the 16,301,694 common shares are being held in escrow pending the results of a working capital adjustment.

Update On Progress With Year End Financial Statements

The Company and its auditors are working closely to complete the year end financial statements and work is near completion from external valuation and tax consultants. The Company anticipates the year end Financial Statements to be filed on or before December 22, 2022.


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