Welcome to our dedicated page for Body And Mind news (Ticker: BMMJ), a resource for investors and traders seeking the latest updates and insights on Body And Mind stock.
Body and Mind Inc. ("BaM") (BMMJ) generates frequent corporate news as an operations-focused cannabis company active in regulated U.S. retail markets. Its news releases provide insight into how the company manages its retail cannabis dispensaries, development projects, financing arrangements, and regulatory obligations.
BaM’s recent announcements highlight several key themes. The company has reported agreements to divest dispensary assets and subsidiaries in Nevada, California, Illinois, and New Jersey through membership interest purchase agreements and asset purchase agreements. These items of news often include details on cash consideration, escrow arrangements, potential earnouts, and state-level regulatory approvals required for closing.
Another category of news covers BaM’s financial reporting and regulatory status. The company has disclosed delays in filing annual and interim financial statements, the need to restate certain quarterly financial reports due to accounting treatment of a variable interest entity and management fee income, and the issuance of a cease trade order by the British Columbia Securities Commission. Updates on audit progress, planned amended filings, and management’s efforts to address these matters are central topics in these releases.
BaM also issues updates on store openings, such as the grand opening of a Lynwood, Illinois dispensary, and on subsequent agreements to sell those locations to other operators. In addition, the company has reported amendments to its credit facility with Bengal Catalyst Fund, including changes to borrowing capacity, interest rates, and forbearance terms.
Investors and observers following BMMJ news can use this page to review BaM’s disclosures on retail operations, asset sales, financial reporting developments, and regulatory actions. Regularly reviewing these updates can help readers understand how the company is adjusting its retail footprint, managing capital, and responding to the challenges it identifies in the cannabis industry.
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.
Body and Mind Inc. (BMMJ) has signed definitive agreements to acquire 100% of Canopy Monterey Bay, which operates a retail dispensary in Seaside, California. The total consideration for the acquisition includes US$4.8 million, primarily in cash, and a promissory note. Body and Mind plans to consolidate revenues from this acquisition pending local and state approvals. Additionally, the company is expanding its Michigan dispensary and cultivation operations in Arkansas. A loan agreement has been amended for better capital efficiency, and stock options have been granted to executives.
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) announced record annual consolidated revenue of $26.90 million for FY2021, marking a significant 332% increase compared to FY2020's $6.23 million. The company reported a net loss of $1.98 million, an improvement from the prior year's loss of $4.60 million, with a gross profit margin of 45%. Notably, Q4 revenue was $8.14 million, up 14% from Q3. Despite losses, adjusted EBITDA improved to $3.96 million. Key operational milestones were achieved across several states, indicating ongoing growth and expansion efforts.
Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) reported a significant expansion of its operations in Ohio, with a new processing facility that aims to produce a range of concentrates, edibles, and oils. The company anticipates releasing its FY2021 financial results on November 18, 2021, followed by an earnings call on November 19. Additionally, the Michigan dispensary is progressing towards opening, while cultivation in Arkansas is underway, with branded flower expected by the end of November. These developments indicate a robust growth strategy across multiple states.
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.
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