Asset Scramble: Body & Mind Secures $2.3M To Drive Cannabis Growth In Illinois And New Jersey
Asset Scramble: Body & Mind Secures $2.3M To Drive Cannabis Growth In Illinois And New Jersey
Previously unsecured, these debentures are now secured alongside the new credit facility, giving Bengal priority on any repayment.Body and Mind Inc. (CSE:BAMM), (OTC:BMMJ), a multi-state cannabis company, announced a new credit facility with Bengal Catalyst Fund, LP, securing up to $2.3 million to support its U.S. expansion efforts. The financing aims to help Body and Mind build out key dispensary projects in Illinois and New Jersey, while also allowing the company to focus on optimizing its asset base and enhancing shareholder value.
Body and Mind Inc.（cse:BAMM），（场外交易:BMMJ），一家多州大麻公司，宣布与孟加拉催化基金LP达成新的信贷协议，最高可获得230万美元的支持，以支持其在美国的扩张努力。这项融资旨在帮助Body and Mind在伊利诺伊州和新泽西州建立关键的药房项目，同时也让该公司专注于优化其资产基础和增强股东价值。
"The credit facility agreement gives the company flexibility to accomplish its near-term objectives of rationalizing its asset base and protecting shareholder value, which includes supporting the development of its in-process dispensary projects in Illinois and New Jersey," stated Michael Mills, CEO of Body and Mind. "Additionally, when we sold our Ohio dispensary, we negotiated a US$2.5 million contingent payment should a second retail license be awarded and subsequently opened."
“信贷协议赋予公司灵活性，以完成其近期的目标，包括整理资产基础和保护股东价值，其中包括支持在伊利诺伊州和新泽西州进行中的药房项目的发展，” Body and Mind的CEO迈克尔·米尔斯表示。“此外，当我们出售了俄亥俄药房时，我们谈判了一项附带支付，如果获得第二张零售许可证并随后开业，将支付250万美元。”
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Credit Facility Terms
信贷协议条款
The new credit facility from Bengal Catalyst Fund carries an 18% annual interest rate and is available for up to one year with a maturity date of two years from the first draw. Body and Mind has also amended its existing convertible debentures with Bengal and related funds, adjusting the interest rate to 15%, paid half in cash and half in kind.
孟加拉催化基金提供的这项新信贷协议年利率为18%，最长可使用一年，到期日为首次取款日起两年。Body and Mind还与孟加拉及相关基金修改了现有的可转换债券，将利率调整为15%，一半以现金支付，一半以实物支付。 这些此前未担保的债券现与新信贷协议一起担保，使孟加拉在任何偿还中享有优先权。
Previously unsecured, these debentures are now secured alongside the new credit facility, giving Bengal priority on any repayment.
这些以前未担保的债券现在与新信贷协议一起担保，使孟加拉在任何偿付方面具有优先权。
Read Also: Body and Mind Narrows Loss By 30% YoY In Q3, Doubles Down On Streamlining Operations
阅读更多：Body and Mind第三季度减亏幅度30%，加倍努力优化业务运营
Regulatory And Financial Context
监管和财务背景
As a related party transaction under Multilateral Instrument 61-101, the company secured exemptions from formal valuation and minority approval. Body and Mind's independent board members unanimously supported the transaction, deeming it essential for the company's financial position and future growth strategy in the competitive U.S. cannabis market.
作为61-101多边协议下的关联方交易，公司获得了豁免正式评估和少数意见批准。Body and Mind的独立董事会成员一致支持该交易，认为这对公司在竞争激烈的美国大麻市场中的财务状况和未来增长策略至关重要。
