BODY AND MIND INC - BMMJ STOCK NEWS

Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) reported an annual revenue of $31.6 million for FY 2022, marking a 17.6% increase from $26.9 million in FY 2021. However, the company faced a net loss of $28.2 million, significantly higher than the previous year's loss of $2.0 million, primarily due to asset impairments totaling $20.5 million. Adjusted EBITDA for FY 2022 was a loss of $1.4 million, compared to a profit of $3.9 million in FY 2021. The company aims to expand its operations in Illinois and New Jersey while enhancing financial reporting.

Body and Mind Inc. (CSE: BAMM.US, OTCQB: BMMJ) announced a delay in filing its 2022 Annual Financial Filings for the year ending July 31, 2022. The audit process is nearly complete, pending final approval from an external consultant, updates on tax provisions, and internal quality control sign-off. The company is committed to transparency and will provide updates in accordance with National Policy 12-203. BaM operates in multiple states including Ohio, Arkansas, Michigan, and California, with plans to expand into Illinois and New Jersey.

Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) has successfully closed a convertible debenture financing raising US$3.0 million led by Bengal Impact Partners. This funding will support the company's efforts to enter the New Jersey cannabis market through the acquisition of CraftedPlants NJ, Inc., which holds a retail location with local approval. Additionally, new board member Josh Rosen from Bengal Capital aims to enhance strategic operations. The financing includes provisions for warrants and registration rights, aligning interests for future growth.

Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) has provided an update on the delay of its annual financial statements for the year ending July 31, 2022. The audit process is nearly complete, pending final approval from an external valuation consultant, tax provision updates, and quality control sign-off. The company is committed to transparency and will continue to update stakeholders according to National Policy 12-203. BaM operates active retail locations in several U.S. states and aims to expand its market share through customer satisfaction and operational efficiency.

Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) has successfully closed the Seaside dispensary acquisition, enhancing its retail footprint in California. The transaction involved issuing 16,301,694 common shares at a deemed price of US$0.134 per share. The dispensary, operational since December 2021, is expected to boost the company's retail strategy. Additionally, the company is finalizing its year-end financial statements, expected to be filed by December 22, 2022.

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) announced a delay in filing its annual financial statements for the year ending July 31, 2022. The deadline of November 28, 2022, could not be met due to incomplete audit processes, including final approvals and updates necessary for filing. A management cease trade order has been imposed on the CEO and CFO until the filings are submitted by approximately December 8, 2022. The company is working with external consultants to meet future deadlines. BaM operates in multiple states, focusing on cannabis cultivation and retail.

Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) has received conditional dispensary licenses for its subsidiaries NMG IL 1 and NMG IL 4 in Chicago, part of BLS Region #5, which offers 119 licenses. This expansion is expected to enhance shareholder value as the company partners with a social equity partner to enter the Illinois market. Body and Mind, known for its operations in multiple states, aims to leverage its expertise in cannabis cultivation and retail to grow its brand in this populous area.

Body and Mind reported Q3 FY2022 revenue of $7.88 million, up 10% from $7.16 million in Q3 FY2021. Gross profit was $2.91 million, while net losses totaled $2.46 million, with a basic loss per share of $0.02. The company holds assets of $52.99 million against total liabilities of $22.70 million. Operational highlights include the management takeover of Seaside dispensary and expanded production in Ohio, Arkansas, and Michigan, with a focus on enhancing wholesale operations. Cash and working capital surplus were reported at $3.71 million and $2.42 million respectively.

Body and Mind Inc. (BMMJ) announced a significant amendment to its Seaside dispensary purchase agreement, reducing the cash purchase price from $2.5 million to $1.25 million. The difference will be covered by issuing common stock equivalent to the cash reduction. The company also plans to issue additional shares based on the dispensary's working capital. This strategic move aims to strengthen the balance sheet, facilitating future growth. The company's Q3 earnings report is set for release on June 21, 2022, coinciding with a conference call.