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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 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.
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) announced the appointment of Alexis Podesta to its board of directors. Podesta, known for her role in California's cannabis policy transition, brings extensive experience from her previous positions, including managing a $4.75 billion budget as Secretary of California's Business, Consumer Services, and Housing Agency. CEO Michael Mills expressed confidence in Podesta's contributions, especially following a transformative quarter that saw record revenues. The company also approved 1,250,000 stock options at CDN$ 0.68 per share, set to vest over two years.
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) announces the appointment of Alexis Podesta as a director, bringing extensive management and cannabis industry expertise. Podesta has held significant positions in California's government, overseeing a $4.75 billion budget and numerous departments. Her experience includes strategic roles with Governor Gavin Newsom and as a board member for the State Compensation Insurance Fund. The company continues to expand operations with ongoing construction at its Ohio facility and recently achieved record revenues. Additionally, 1,250,000 stock options were granted to current directors at CDN$ 0.68 per share.