Body And Mind Inc Stock Price, News & Analysis

Body and Mind Inc. (OTCQB: BMMJ) reported $7.7 million in revenue for Q2 FY 2023, slightly down from $7.8 million in Q1 FY 2023. The company incurred a net loss of $2.7 million, improving from $3.0 million previously. Gross profit rose to $2.26 million, up from $1.6 million. The company advanced its operations in Illinois and New Jersey and is set to open its first Illinois dispensary in April 2023. Significant wholesale price improvements in Nevada and Ohio contributed positively to financial results.

Body and Mind Inc. (OTCQB: BMMJ) has provided a corporate update regarding the construction of two new dispensaries in Illinois. The Markham location is expected to open by late April, strategically positioned in a high-traffic area with over 400,000 vehicles passing daily. The second dispensary in Southern Chicago has received community approval and is in the process of obtaining building permits. In 2022, Illinois cannabis sales reached $1.55 billion with only 113 dispensaries serving nearly 13 million people. Body and Mind is poised to enhance its presence in a largely underserved market.

Body and Mind Inc. (CNSX: BAMM; OTCQB: BMMJ) announced the appointment of Josh Rosen to its board of directors, enhancing its leadership as it expands into key markets like Illinois and New Jersey. Rosen, managing partner at Bengal Capital, previously led 4Front Ventures Corp., growing its operational focus and market presence. CEO Michael Mills expressed confidence in Rosen's expertise to drive value in the evolving cannabis sector. The company also acknowledged the contributions of Dong Shim, who remains as CFO, ensuring continuous leadership during this transition.

Body and Mind Inc. (OTCQB: BMMJ) reported Q1 FY 2023 revenues of $7.8 million, a slight increase of 3.4% from $7.6 million in Q1 FY 2022. However, the company faced a significant net loss of $3.0 million, compared to a $0.7 million loss in the previous year. Adjusted EBITDA reflected a loss of $1.6 million, worsening from $0.8 million in Q1 FY 2022. The company recently closed a $3 million convertible debt financing and made progress in expanding its operations in Illinois and New Jersey.

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.