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, 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.
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.