Body & Mind Inc. (BMMJ) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Body and Mind Inc.’s subsidiary DEP Nevada, Inc. is selling its 100% stake in Nevada Medical Group, LLC to Vegas Brazil LLC for a total purchase price including cash payments and a secured promissory note, with adjustments based on working capital. The deal hinges on regulatory approval and other conditions, with provisions for an economic takeover by the Purchaser during the interim. Additionally, a side agreement outlines the terms for operational costs, facility improvements, and a limited trade license for NMG’s use of DEP’s licensed marks, with potential for renewal post-closing.
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For a comprehensive understanding of the announcement, you can read the full document here.