Body and Mind said its wholly owned subsidiary, DEP Nevada, has entered into an agreement with SGC Retail Partners to sell all of the issued and outstanding interests, equity, or profit interests in the Body and Mind Long Beach dispensary
The total consideration is $856,250 in cash, of which $100,000 has already been paid to DEP as a deposit.
In 2023, Body and Mind announced the divestment of its dispensary in Michigan, along with planned opening of a new dispensary in Markham, Illinois.
“We are excited to receive our temporary occupancy permit for the Markham dispensary and are expecting to open our first Illinois dispensary within the next weeks," said Michael Mills, CEO of Body and Mind. “Our development team has completed the buildout of the new operation within tight timelines and budgets and our experienced managers and leaders from other Body and Mind operations have been integral to set up, hiring, marketing and standing up the new operation. We are looking forward to bringing our exceptional customer service, cannabis knowledge, and product selection to the Markham area. Our Markham dispensary, along with our other assets in Illinois and New Jersey, are the near-term future of this company and we are streamlining our organization to focus on the success of these projects. As part of that strategy, we have executed definitive documents to divest our Michigan Body and Mind dispensary to a third-party.”
Body and Mind operates retail cannabis dispensaries in California and Illinois with pending retail operations in New Jersey.
