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. reports corporate developments for its cannabis retail business, including dispensary operations, store openings, asset transactions, and subsidiary-level agreements. The company has described BaM as an operations-focused cannabis company with retail dispensary activities in California and Illinois and pending retail operations in New Jersey.
Recurring updates for BMMJ cover changes to the dispensary portfolio, completed Illinois dispensary transactions, dispensary divestiture agreements, material agreements, capital-structure disclosures, and financial reporting matters such as restatements, variable-interest-entity accounting, and management-fee recognition.
Body and Mind Inc. (BMMJ) reported a 27% year-over-year revenue growth for Q2 FY2022, totaling $8.05 million. Sequential growth was 6% compared to Q1 FY2022. The company achieved a gross profit of $3.02 million, up 10% year-over-year. However, it recorded a net loss of $2.72 million and a net operating loss of $0.97 million. Cash reserves stood at $4.62 million with a working capital surplus of $4.07 million. BaM continues to expand its operations across several states, focusing on cannabis production and retail.
Body and Mind Inc. (BMMJ) announces plans to release its fiscal Q2 2022 results for the period ending January 31, 2022, on March 17, 2022, after market close. A conference call to discuss these results is scheduled for March 18, 2022, at 2 p.m. ET. BaM operates across multiple U.S. states, focusing on medical and recreational cannabis products. The company aims to enhance shareholder value through operational efficiencies, licensing, and potential mergers. Their Nevada subsidiary holds significant cultivation licenses and has received multiple awards for its cannabis strains.
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.