One question that may be on the minds of OTC traders as we look forward to a new week is whether or not to buy the dip in shares of Body and Mind Inc (OTCMKTS:BMMJ). The stock has pulled back about 38% from its highs logged midweek last week. This pullback follows an impressive 400% advance over the prior month. To help flesh out the story, the company just announced it has signed a long term lease to relocate its production facility to a new campus located within one mile of the Pepper Lane cultivation facility.
According to the release, “The new facility is approximately 7,500 square feet and is anticipated to be operational within 90 days pending license transfer approvals from local and state authorities. The Company plans to move the current production license and will not need to apply for a new license to produce edibles, oils and extracts.”
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 it has signed a long term lease to relocate its production facility to a new campus located within one mile of the Pepper Lane cultivation facility.
Recent action has seen a bit more than 130% during the past month in terms of shareholder gains in the listing. What’s more, the listing has benefitted from a jump in recent trading volume to the tune of nearly 540% over what the stock has registered over the longer term.
“This is an exciting development for BaM as our production output has been limited by space constraints. The new facility will enable us to meet the increased demand for our products, allow us to better serve our distribution partners, and allow us to introduce new products. It is anticipated that the BaM product lines will be introduced into the other states in which we have a presence in the near term,” stated Robert Hasman, President of Nevada Medical Group LLC and board member of Body and Mind.
At this time, carrying a capital value in the market of $120.56M, BMMJ has a significant war chest ($3.6M) of cash on the books, which stands against 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.