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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. (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.
Body and Mind Inc. (OTCQB: BMMJ) announced the launch of its new "Any Day" flower brand in California, featuring hand-selected, sun-grown strains from Humboldt County. Initial offerings include popular varieties like Green Punch and Ice Cream Cake, available at select dispensaries. Additionally, the company held its annual meeting on February 17, 2021, where several board members were elected and independent accounting firm Marcum LLP was appointed. Body and Mind continues to focus on enhancing operational efficiencies and expanding its multi-state operations.
Body and Mind Inc. (BMMJ) achieved record revenues in Q1 FY2021, reporting $5.29 million, marking a 144% increase from Q4 FY2020 and a 267% surge year-over-year. Gross profit stood at $1.8 million, although the company reported a net operating loss of $0.7 million and net loss of $0.78 million. The firm holds $1.33 million in cash and had total assets of $40.57 million as of October 31, 2020. Operationally, BaM expanded services in multiple states, including cultivation and leveraging partnerships. Positive Adjusted EBITDA of $57,135 highlights effective operations.
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) announced its upcoming presentations at the Canaccord 2020 Virtual US Cannabis Symposium on September 30, 2020, and the Benzinga Virtual Cannabis Capital Conference on October 15, 2020. The company also engaged Harbor Access LLC for investor relations services in the U.S. and Canada, with a monthly fee of $6,000 for six months. Body and Mind, a debt-free operator, focuses on cannabis cultivation and retail across several states, including Nevada and California, aiming to enhance shareholder value through operational efficiency and expansion.
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) announced the launch of its Pretzel Bites edibles in California, expanding its product portfolio in the state. These edibles contain 10mg of THC distillate and aim to cater to new consumers seeking alternatives to inhaled cannabis. Additionally, the company is rebranding its Ohio dispensary and progressing with its production facility, while construction is complete at its Arkansas cultivation site. Body and Mind also engaged Harbor Access LLC for investor relations services to enhance market visibility.
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) announces the successful license transfer for its Ohio dispensary, The Clubhouse, located in Elyria. This marks the second license transfer in under a month, part of the company’s strategy to expand in limited license markets. The Clubhouse has been operational since early 2019 and serves a significant population in the area. Additionally, the company is progressing on its Ohio provisional production license while ensuring compliance with local regulations in response to the COVID-19 pandemic.
Body and Mind Inc. (BMMJ) has completed the license transfer for its ShowGrow Long Beach dispensary, enhancing its operational capacity. Operating since 2018, the dispensary has shown consistent sales growth and received local recognition as a top dispensary. CEO Michael Mills highlighted the company’s strategic focus on revenue growth and community initiatives. The dispensary is located centrally in Long Beach and offers a diverse product range, including Body and Mind branded items. This milestone is expected to positively impact the company's top-line revenue and EBITDA.
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