Body and Mind Inc. received all necessary regulatory approvals to divest its Muskegon dispensary, the company said Friday.
The transaction, outlined in an April 14 stock purchase agreement, officially took place on June 13 when DEP Nevada Inc., a wholly owned subsidiary of Body and Mind, sold all of its issued and outstanding common stock of NMG MI 1 Inc. to Big Bhang Events LLC.
The deal closed once all conditions were satisfied or waived, and the state’s cannabis regulators approved the transaction, granting Big Bhang sole ownership of NMG MI. Big Bhang acquired the shares with a cash payment of $1 to DEP Nevada Inc.
The sale of the Michigan dispensary wasn’t large enough to require special (pro forma) financial statements to be included in the company’s official filings. The rules and regulations say that such statements are only needed for sales that are more than 20% of the company’s value.
Body and Mind, known by the acronym “BaM,” is a multistate operator that has mostly focused on limited license markets, holding cultivation, production, and retail assets. The recent divestment is seen as a strategic move for the company, in line with its plans to concentrate on markets such as Illinois and New Jersey.