BODY AND MIND INC - BMMJ STOCK NEWS

Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) announces its entry into the lucrative Michigan cannabis market with fully funded dispensary, cultivation, and production facilities. The Michigan cannabis sector generated approximately US$985 million in retail sales in 2020, with 40 million in August 2021 alone. The company has secured locations and local/state preapprovals for its operations. Additionally, it intends to issue shares totaling up to US$1,150,000 based on project milestones, while engaging Stonegate Partners for strategic outreach.

Body and Mind Inc. (BMMJ) has successfully acquired the remaining 70% interest in NMG Ohio LLC, now owning 100% of the company. This acquisition includes a dispensary license for the Clubhouse Dispensary in Elyria, Ohio, effective September 4, 2020, and a production license transferred to NMG OH P1 LLC. The total acquisition cost was USD$3,150,000, divided into 50% cash and 50% common shares. Ohio's cannabis market is expanding, with potential adult-use legalization. BaM aims to leverage this growth by introducing its popular hydrocarbon extraction products in Ohio.

Body and Mind Inc. (BMMJ) announced management agreements with NMG IL 1, LLC and NMG IL 4, LLC, positioning itself to acquire membership interests in both entities. These companies won conditional adult-use cannabis dispensary licenses in Illinois' Social Equity Justice Involved Lottery. The Illinois market demonstrates significant growth, and BaM plans to leverage its experience to expand its presence in the Chicago area. With a recent US$11.1 million debt financing, the company aims to quickly capitalize on this opportunity.

Body and Mind, a multi-state cannabis operator, secured a US$11.1 million debt financing from FocusGrowth Asset Management. The financing consists of an immediate term loan of US$6.67 million and potential additional funds of US$4.44 million before December 31, 2021. The loan, maturing in four years at a 13% interest rate, will fund growth initiatives, including capital expenditures and acquisitions. The financing aligns with the company’s strategy to expand its operations in the rapidly growing U.S. cannabis market.

Body and Mind reported a record revenue of $7.16 million for Q3 FY2021, marking a 580% increase year-over-year. The quarterly net operating income rose by 268% to $0.71 million, while net loss improved to $0.25 million. The company achieved a positive adjusted EBITDA of $1.54 million. Operational expansions in California, Nevada, Ohio, and Arkansas are expected to drive revenue growth. The earnings call is scheduled for June 23, 2021.

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) announces the completion of its Ohio production facility, now approved for processing operations. The facility aims to manufacture a range of non-flower cannabis products, responding to growing market demand. Additionally, a cannabis manufacturing facility in California has received local approval, with a focus on enhancing revenue and efficiency. The company is also advancing cultivation operations in Arkansas, with initial harvest expected in 16 weeks. The Q3 financial results are anticipated by June 21, 2021.

Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) announced significant progress in its operations. The company has completed construction of its production facility in Ohio and is finalizing local permits to start operations. In Arkansas, cultivation has begun, with plant growth underway after state approval. With a growing presence in Nevada, California, Arkansas, and Ohio, Body and Mind aims to expand its product offerings in these markets, capitalizing on the increased demand for cannabis products.

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) announced the commencement of cultivation operations in West Memphis, Arkansas, in collaboration with Comprehensive Care Group, LLC. The dispensary, which has already gained recognition as the Best Dispensary in Arkansas, is positioned among the state's 38 approved dispensaries. The company also signed a 12-month capital markets advisory agreement with Sophic Capital Inc. for a monthly fee of US$8,000 and stock options. This initiative aims to enhance supply chain efficiencies and expand cannabis offerings to better serve patients.

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) reported record financial results for Q2 FY2021, with revenues of $6.31 million, up 19% from Q1 and 300% year-over-year. Gross profit reached $2.74 million, a 400% increase compared to Q2 FY2020. Despite a net loss of $1.15 million, the company posted a positive Adjusted EBITDA of $0.66 million. BaM expanded operations and received cannabis distribution and cultivation licenses in multiple states.