Body and Mind Reports Third Quarter Fiscal 2022 Financial Results
LA VEGAS and VANCOUVER, BC, June 21, 2022 /CNW/ – Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the “Company” Where “BAM“), a U.S. multi-state cannabis operator, is pleased to report its financial results for the third fiscal quarter ended April 30, 2022.
Third Quarter Fiscal 2022 Financial Summary (results expressed in USD$ unless otherwise indicated):
- Revenue published in Q3 2022 of $7.88 milliona 10% increase over third-quarter fiscal 2021 revenue $7.16 million;
- Q3 2022 gross profit of $2.91 million;
- Q3 2022 net operating loss of $1.34 million;
- Q3 FY2022 Net loss of $2.46 million;
- Basic and diluted loss per share of $0.02;
- Adjusted EBITDA loss of 0.78 million*;
- Inventory of $4.32 million of the April 30, 2022;
- To April 30, 2022BaM had $3.71 million in cash and a working capital surplus of $2.42 million;
- The total assets were $52.99 milliontotal current liabilities were $9.44 million and total liabilities were $22.70 million at April 30, 2022;
- 113,349,464 common shares outstanding at April 30, 2022 (113,349,464 to June 20, 2022).
Operational milestones for the third quarter of fiscal 2022:
- Amended definitive agreement for the acquisition of the Seaside dispensary $1.25 million of the purchase price changed from cash to common shares (see June 21, 2022 Press release);
- The Society took over the management of the operations of the Seaside dispensary as of December 1, 2021;
- Local and state approval of change of ownership of Seaside dispensary licenses received;
- Received state licenses for a development-stage manufacturing and distribution facility with previously received local approvals.
- Increase in production capacity and authorization to use the kitchen of the Ohio factory;
- Body and Mind Branded Extract Products Wholesale at Ohio dispensary shelves with an ongoing expanded product line;
- High quality biomass secured for extraction products to produce broken, sugar and live resin offerings.
- Received the first concentrated extracts from a third-party extractor using Body and Mind biomass;
- Cultivation operations have reached a steady state of operation with sales of flowers and extracts through wholesale to other dispensaries and sales at the adjoining Body and Mind dispensary.
- Brands and offers extended to the Body and Mind dispensary of Muskegon;
- paused the Manistee construction of cultivation and production facilities for evaluation.
- The Company has management agreements with two entities that were identified in the Illinois Department of Financial and Professional Regulation (IDFPR) Social Equity Justice Lottery results as recipients of conditional licenses of cannabis dispensary for adults (conditional licenses) in the largest Chicago– BLS region area;
- Final allocation of licenses by Illinois Department of Financial and Professional Regulation (IDFPR) expected no later than July 22, 2022 as indicated by a June 10e IDFPR press release;
- Real estate opportunities identified and advanced for dispensary locations.
“Our team continues to expand its retail and wholesale operations as our new facilities in Ohio, Arkansas and Michigan accelerate with increased product offerings,” said Michael Mills, CEO of Body and Mind. “Our Arkansas cultivation has reached a steady state and our perpetual harvesting and innovative craft cannabis strains have resulted in increased visits to our dispensary as well as growth in our wholesale operations. We welcome the recent announcement that obtaining dispensary licenses in Chicago will be released at the end of July and we look forward to bringing our retail expertise to the important Illinois market. Our most recent quarter impacted earnings from our previous Michigan construction spending as well as lower margins due to systemic economic impacts. Our recent debt extension and cash payment reduction for the acquisition of Seaside provides flexibility as we plan our future expansion and we are excited to continue to expand our wholesale Body and Mind products and retail outlets. retail in new markets. »
*Adjusted EBITDA is a non-GAAP measure used by management that does not have a standardized meaning prescribed by United States GAAP and may not be comparable to similar measures presented by other companies. Management defines Adjusted EBITDA as operating income (loss), as reported, before interest, taxes and adjusted to remove other non-cash items, including stock-based compensation expense, l amortization and other adjustments to remove acquisition-related costs. or earnings. Management believes that Adjusted EBITDA is a useful financial measure for evaluating its operating performance on a cash-adjusted basis before the impact of non-cash items and acquisition activities. The most comparable financial measure calculated and presented in accordance with US GAAP is net operating income, which has been presented above before the Adjusted EBITDA figure.
The unaudited condensed consolidated interim financial statements for the quarter ended April 30, 2022 are available on SEDAR and EDGAR and should be read in conjunction with this press release.
The Company will hold an earnings call on Tuesday, June 21, 2022 at 5:00 p.m. East
Details of conference call participants
Confirmation number: 30671046
Local: Toronto: 416-764-8659
Toll free in North America: 1-888-664-6392
Encore Replay Local: (+1) 416 764 8677
Encore Replay Toll free in North America: (+1) 888 390 0541
Encore Replay Entry Code: 671046#
Encore replay expiration date: 06/28/2022
About Body and Spirit Inc.
BaM is an American operations-focused, multi-state cannabis operator that invests in the cultivation, production, and retail of high-quality medical and recreational cannabis.
BaM continues to expand its activities in Nevada, California, Arkansas, Ohio and Michigan and is dedicated to increasing shareholder value by focusing its time and resources on improving operational efficiencies, expanding facilities, state licensing opportunities as well as mergers and acquisitions.
Our exclusive property Nevada subsidiary obtained one of the first medical marijuana cultivation licenses and holds cultivation and production licenses. BaM products include dried flowers, edibles, oils and extracts as well as GPEN Gio cartridges. BaM cannabis strains have won numerous awards, including the 2019 Las Vegas Weekly Bud Bracket, 2016 Las Vegas Hempfest Cup, High Times Top Ten, NorCal Secret Cup, and Emerald Cup.
Please visit www.bodyandmind.com for more information.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Safe Harbor Statement
Except for statements of historical facts contained herein, the information set forth in this press release constitutes “forward-looking statements” as that term is used in United States and Canadian laws. These statements relate to analyzes and other information that are based on forecasts of future results, estimates of amounts not yet determinable and management’s assumptions. Any other statement that expresses or implies discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or indicating that certain actions, events or results “could”, “could”, “could”, “could” or “will” be taken, occur or be carried out) are not statements of historical fact and should be considered as “statements prospective”. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. . These risks and other factors include, but are not limited to, actual results of the business, variations in UNDE’s basic assumptions associated with estimating the business, the availability of capital to fund the programs, and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause the actions, events or results are not those intended, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release and any document referred to in this press release.
Certain matters discussed in this press release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, it cannot guarantee that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that could cause actual results to differ materially and could affect the company and the statements contained in this press release can be found in the company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or supplement any forward-looking statements, whether as a result of new information, future events or otherwise. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
SOURCE Body and Spirit Inc.
For more information: Investor Relations: Jonathan Paterson, +1 475 477 9401, [email protected]; Company contact: Michael Mills, CEO, tel. : 800-361-6312, [email protected]