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Body and Mind Inc. (BMMJ) is a diversified, operation-focused cannabis company with a presence in multiple states, including Arkansas, California, Illinois, and pending operations in New Jersey. The company is known for its retail operations, craft cultivation, and processing capabilities, aimed at delivering high-quality cannabis products to consumers.
Recently, Body and Mind has been making significant strides in its corporate strategy. The company announced the planned divestment of its Ohio processing operation and license, with funds earmarked to reduce debt and support the development of new market opportunities in Illinois and New Jersey. The construction of the Body and Mind branded dispensary in Lynnwood, Illinois, has commenced, with significant progress toward building permits and groundwork. Additionally, the company has finalized building plans for a new dispensary in Lawrenceville, New Jersey, and received local authorization, with state approval in process.
The sale of the Ohio dispensary, which fetched $8.225 million in cash (with an additional $2.5 million in potential contingent proceeds), has allowed Body and Mind to repay its $7.33 million debt. This early repayment significantly lowers the company's annual interest expenses by approximately $1 million.
Financially, Body and Mind reported an annual revenue of $22.8 million for the fiscal year ended July 31, 2023. The company's efforts to streamline assets and operations have bolstered its financial stability, with a focus on high-return projects in Illinois and New Jersey. The company has also announced updates on its Nevada operations and continues to explore new market opportunities as the cannabis industry matures.
Body and Mind Inc. is committed to increasing its market share through exceptional customer service and operational efficiency. The company prioritizes return on investment and is poised for significant future shareholder value creation as it expands its retail footprint and operational capabilities.
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.
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) has announced an extension of its loan agreement, allowing it to draw $4 million until March 31, 2023. The agreement's maturity is now set to July 19, 2026. The interest rate on the loan will increase from 13% to 15% per annum. As part of the amendment, the company issued 1 million warrants at an exercise price of $0.16, expiring June 14, 2027. This financial flexibility is aimed at supporting the company's expansion plans across multiple states.
Body and Mind Inc. (BMMJ) announced a significant expansion of its wholesale operations in Ohio and Arkansas. In Ohio, the company is launching new extracted products and preparing to introduce popular edibles. In Arkansas, the company has successfully ramped up its cultivation operations, with proprietary strains receiving market acclaim. The firm has initiated sales through its dispensary and is collaborating with local extractors. Body and Mind aims to enhance shareholder value through operational improvements and by leveraging its Nevada product portfolio in these new markets.
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) has rebranded its San Diego dispensary from ShowGrow to Body and Mind to strengthen brand alignment. The company plans to expand operations in Ohio, having received kitchen certification for edibles production. Additionally, it is preparing for a busy 4/20 week in Nevada, collaborating with local dispensaries and launching products. Body and Mind has also completed pheno-hunting in Arkansas and is ramping up for a busy period in Michigan, while actively participating in cannabis legalization initiatives.
Body and Mind Inc. (BMMJ) reported a 27% year-over-year revenue growth for Q2 FY2022, totaling $8.05 million. Sequential growth was 6% compared to Q1 FY2022. The company achieved a gross profit of $3.02 million, up 10% year-over-year. However, it recorded a net loss of $2.72 million and a net operating loss of $0.97 million. Cash reserves stood at $4.62 million with a working capital surplus of $4.07 million. BaM continues to expand its operations across several states, focusing on cannabis production and retail.
Body and Mind Inc. (BMMJ) announces plans to release its fiscal Q2 2022 results for the period ending January 31, 2022, on March 17, 2022, after market close. A conference call to discuss these results is scheduled for March 18, 2022, at 2 p.m. ET. BaM operates across multiple U.S. states, focusing on medical and recreational cannabis products. The company aims to enhance shareholder value through operational efficiencies, licensing, and potential mergers. Their Nevada subsidiary holds significant cultivation licenses and has received multiple awards for its cannabis strains.
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) has opened its first Body and Mind branded dispensary in Muskegon, Michigan, marking a significant expansion into this high-growth cannabis market. The dispensary, serving both medical and recreational customers, coincides with a 66% year-over-year sales increase in Michigan's cannabis industry. In addition, the company is developing a 57,000 sq. ft. cultivation facility. The rebranding of its Long Beach dispensary is complete, and operations have commenced at a recently acquired Seaside dispensary. The company aims to enhance community relationships while focusing on operational efficiencies.
Body and Mind Inc. (BMMJ) reported a strong Q1 FY2022 with revenues of $7.57 million, marking a 43% year-over-year increase. Gross profit surged 94% to $3.49 million. The company achieved an operational net profit of $0.32 million, although there was a net loss of $0.68 million. Cash reserves stood at $7.43 million. Ongoing operational developments include new acquisitions and expansions in several states. An earnings call is scheduled for December 17.
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