The latest wild explosion higher on the OTC is to found in shares of Body and Mind Inc (OTCMKTS:BMMJ). Shares of the stock are up as much as more than 200% in the past month, ramping from about $1.50/share in mid-March to nearly $1.75/share on an intraday basis to close out last week. The company recently put out word that it isn’t aware of why this action is happening, which matches up with the type of thing you hear during some sort of awareness campaign.
In any case, the company has been getting some work done, including recently announcing an expansion into Arkansas with in-state partner, Comprehensive Care Group LLC. According to the release, “the companies will work together to develop a medical marijuana dispensary facility in West Memphis, Arkansas. Medical marijuana dispensaries in Arkansas are licensed for both retail sales and cultivation of up to 50 plants within the same facility.”
Body and Mind Inc (OTCMKTS:BMMJ) frames itself as a publicly traded company investing in high quality medical and recreational cannabis cultivation, production and retail. Our wholly-owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licenses and holds cultivation and production licenses.
BaM products include dried flower, edibles, topicals, extracts as well as GPEN Gio cartridges.
BaM marijuana strains have won numerous awards including the Las Vegas Hempfest Cup 2016, High Times Top Ten, the NorCal Secret Cup and the Emerald Cup. BaM continues to expand operations in Nevada, Ohio and its investment in California and is dedicated to increasing shareholder value by focusing time and resources on improving operational efficiencies, facility expansions, state licensing opportunities as well as mergers and acquisitions.
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As noted above, BMMJ just announced expansion into Arkansas with in-state partner, Comprehensive Care Group LLC. This explains some of the dramatic action in the stock over the past month as the company appears to be in the grips of an expansion mode.
Recent action has seen just shy of 170% piled on for shareholders of the listing during the trailing month. Moreover, the company has witnessed a pop in interest, as transaction volume levels have recently pushed a bit over 430% over the long run average.
“We are pleased to have been successful in assisting Comprehensive Care Group obtain a dispensary license through the application process, an initiative that creates significant value for all stakeholders. Secondly, this deal provides BaM shareholders greater retail exposure, a fourth platform for growth and a path to launch some of its’ own products to the medical patients of Arkansas,” stated Robert Hasman, director of the Company. “We are proud to have been selected as one of only 32 dispensary licenses awarded in Arkansas and look forward to working with Comprehensive Care Group.”
Earning a current market cap value of $113.3M, BMMJ has a significant war chest ($3.6M) of cash on the books, which is balanced by about $7.5M in total current liabilities. One should also note that debt has been growing over recent quarters. BMMJ is pulling in trailing 12-month revenues of $5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 36.6%. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $BMMJ stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $BMMJ, either long or short, and we have not been compensated for this article.