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Body and Mind: An Efficient And Undervalued US Growth Story

Apr 28, 2023 • 10:42 AM EDT
6 MIN READ  •  By Michael Berger
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Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) is an operations focused United States (US) multi-state operator that we consider to be undervalued. We believe the company is led by a management team that is focused on creating value for shareholders and want to provide an update on the business.

During the last week, the US cannabis company issued an update on entry into the the Illinois market with the opening of the new Body and Mind-branded dispensary in Markham, Illinois. Recently, the company also announced the divestment of its dispensary in Michigan. We believe this strategy is the best use of resources and are bullish on the growth prospects that are associated with the Illinois market.

We expect the opening of the dispensary to serve as a significant growth catalyst for the business and believe the market underappreciates this aspect of the story.

A further growth driver for the company is the New Jersey opportunity that was initiated in 2022. Body and Mind acquired a New Jersey entity that leases a New Jersey retail location with local cannabis-use approval. The company is currently working through the state application process.

We consider New Jersey to be an attractive long-term opportunity for the business. Last year, the state started to allow for the sale of recreational cannabis and the majority of New Jersey municipalities opted out of allowing recreational cannabis businesses within their boundaries. Body and Mind should benefit from the growth of the burgeoning industry and underserved retail.

In the near-term, we expect Illinois and New Jersey to serve as growth catalysts for the business. During the last year, Body and Mind has been focused on capitalizing on these markets and believe the business is well positioned to do just that. When you combine the growth prospects of these two markets with the rest of the states that Body and Mind is levered to, the story becomes very compelling.

An Undervalued Growth Story

Body and Mind is an MSO that we have become increasingly bullish on and want our readers to be aware of the business. At current levels, we believe the company is significantly undervalued and is a misunderstood opportunity.

Body and Mind is led by a management team that has a proven track record of operating and winning licenses in the US and we consider this to be the most important aspect of the story. The leadership team has been able to execute on a low-cost expansion strategy in the US and we are impressed with how the story has advanced over the recent years.

With leverage to recreational cannabis markets including California, Illinois, New Jersey and Nevada, we believe Body and Mind is positioned to record better-than-expected growth in 2023 and beyond. On top of these markets, the company is also capitalizing on Arkansas and Ohio which are attractive medical cannabis markets.

With revenues over US$30 million for FY 2022 and a market capitalization that is less than C$9 million (US$6.6 million), we believe there is considerable upside to current levels and want our readers to keep an eye on Body and Mind. To learn more about this undervalued US MSO, please send an email to suppport@technical420.com

Company Relationship Disclosure

T420 is responsible for the T420 opinions provided in this disclosure except all sources or information provided by other parties were not verified or authenticated and T420 does not undertake to confirm or substantiate or be responsible for such information provided by other parties.

Any Content posted regarding a Profiled Issuer is not a solicitation or recommendation to buy, sell or hold securities. We cannot and do not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. All information should be independently verified. We are not responsible for errors or omissions in our publications, and any opinions expressed are subject to change, without notice. We do not, nor are we under any obligation to undertake due diligence or investigation or authenticate and verify whatsoever regarding Profiled Issuers or any Content posted in relation thereto and we do not receive any verification from the Profiled Issuer regarding the Content we disseminate. Similarly, while we endeavor to facilitate the provision of quality information, we are not responsible for any loss or damages caused or alleged to have been caused by its use nor verify or authenticate or update such information.

Pursuant to an agreement between StoneBridge Partners LLC and Body and Mind Inc. we have been hired for a period of 360 days beginning September 15, 2021 and ending September 15, 2023 to publicly disseminate information about (BAMM) including on the Website and other media including Facebook and Twitter. We are being paid $1,000 per month (BAMM) and were paid “ZERO” shares common shares. We hold “ZERO” shares common shares. We will not sell or purchase shares during the Term. We reserve the right to buy or sell shares after the Term in accordance with State and Federal securities laws. See “Disclosures” below which is to be read in conjunction with this release.

This article contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “expects”, “does not expect”, “is expected”, “believes”, “intends”, “anticipates”, “does not anticipate”, “believes” or variations of these words, expressions or statements, that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, state, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate and expand the Company’s facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company’s limited operating and profitability track record; dependence on management; the Company’s need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the impact of the Russia-Ukraine conflict on the global economy; the continued impact of the COVID-19 pandemic; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company’s efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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