Financial Loss – Car Insurance In Memphis http://carinsuranceinmemphis.net/ Wed, 29 Jun 2022 02:25:55 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://carinsuranceinmemphis.net/wp-content/uploads/2021/06/icon-1.png Financial Loss – Car Insurance In Memphis http://carinsuranceinmemphis.net/ 32 32 GGRAsia – Loss of $152m from Macau legend, eyes Macau operations after 2022 https://carinsuranceinmemphis.net/ggrasia-loss-of-152m-from-macau-legend-eyes-macau-operations-after-2022/ Wed, 29 Jun 2022 01:59:48 +0000 https://carinsuranceinmemphis.net/ggrasia-loss-of-152m-from-macau-legend-eyes-macau-operations-after-2022/ Loss of $152m from Macau legend, eyes Macau operations after 2022 June 29, 2022 news desk Breaking News, Macau, Top of the Bridge &nbsp Gaming and hotel services company Macau Legend Development Ltd on Tuesday reported a net loss of just over HKD 1.19 billion ($151.7 million) for the year 2021, an improvement of […]]]>

Loss of $152m from Macau legend, eyes Macau operations after 2022


Gaming and hotel services company Macau Legend Development Ltd on Tuesday reported a net loss of just over HKD 1.19 billion ($151.7 million) for the year 2021, an improvement of 39 percent. 1% compared to the period of the previous year. The company said it would “explore various options” to continue operating the games in Macau beyond December 31 this year.

Macau Legend’s revenue in 2021 rose 62.1 percent year-on-year to nearly HKD 1.14 billion, according to a filing with the Hong Kong Stock Exchange. The company’s costs rose 28.9% year-on-year to nearly HKD 1.51 billion.

The group’s adjusted profit before interest, tax, depreciation and amortization (EBITDA) was negative HKD 300.3 million, an improvement from the last corresponding period, when it recorded an EBITDA loss of HKD 429.3 million HKD.

Trading in Macau Legend shares resumed on Wednesday, after the publication of its 2021 annual results nearly three months later than expected by Hong Kong stock exchange rules. The shares had been suspended from April 1.

The company runs three casinos in Macau – Landmark, Babylon (pictured) and Legend Palace – under a so-called services agreement with Macau licensee SJM Holdings Ltd. The company also owns a tourist resort called Macau Fisherman’s Wharf, a waterfront area near the Outer Harbor Ferry Terminal on the Macau Peninsula.

Macau Legend has also invested in the Savan Legend casino in Laos, which was closed for just over six months in 2021 due to the pandemic.

The group’s gaming revenue for the full year of 2021 rose 74.1% year-on-year to just over HKD 917.3 million. The company said the increase in gaming revenue was mainly due to “more visitors” from mainland China to Macau, which helped boost gaming revenue in its local operations, despite a decline in gaming revenue at Savan Legend in Laos.

In its Tuesday filing, Macau Legend blamed the 2021 annual loss on “social distancing measures and travel restrictions” imposed by government authorities as countermeasures against the Covid-19 pandemic. Such measures, the company said, “severely” affected “the tally of visitor arrivals to Macau and Laos” during the reporting period.

He added that his financial performance had been affected by impairment losses recognized for overseas projects located in Cabo Verde “due to adverse changes in the economic situation under Covid-19”.

Macau Legend also stated that it would “explore various options to continue to provide management or any other form of services related to gaming operations ‘in Macau’ after December 31, 2022, as permitted by relevant laws and regulations of Macao and will maintain close contact with SJM in this regard.

Macau’s six casino operators each have signed on June 23 an extension of approximately six months of their respective playing contracts, until December 31. The licenses were due to expire on June 26, but have been extended as authorities in Macau scramble to prepare for a new public tender.

Macau Legend had net current liabilities of approximately HKD 788 million as of December 31, 2021. The group’s total bank borrowings amounted to almost HKD 2.36 billion, of which HKD 207 million will need to be repaid within 12 months from the closing date, while its cash and cash equivalents amounted to HKD 133 million. These conditions have led the auditors of the firm to report “the existence of significant uncertainties” likely to cast significant doubt on the “ability of the group to continue its operation”.

Macau Legend said in a May 20 filing that a review by an independent consultant “did not find any irregularity” in the relations between the company and Levo Chan Weng Lin or its related entities.

Mr. Chan is the single largest shareholder of Macau Legend and has served as Executive Director, Co-Chairman and Managing Director of the company. The businessman was detained in Macau in January on suspicion of operating illegal gambling and money laundering operations.

Mr Chan rappointed to his management functions at Macau Legend shortly after his detention.



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Research: Rating Action: Moody’s Assigns (P)Baa1 Ratings to Arbejdernes Landsbank’s Senior Unsecured MTN Junior Program https://carinsuranceinmemphis.net/research-rating-action-moodys-assigns-pbaa1-ratings-to-arbejdernes-landsbanks-senior-unsecured-mtn-junior-program/ Mon, 27 Jun 2022 10:08:05 +0000 https://carinsuranceinmemphis.net/research-rating-action-moodys-assigns-pbaa1-ratings-to-arbejdernes-landsbanks-senior-unsecured-mtn-junior-program/ No related data. © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, […]]]>


No related data.

© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, AND THE DOCUMENTS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, THE “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY FAILURE TO MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE THE APPLICABLE PUBLICATION OF MOODY’S RATINGS SYMBOLS AND DEFINITIONS FOR MORE INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS COVERED BY MOODY’S CREDIT RATINGS. THE CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“RATINGS”) AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACTS. MOODY’S PUBLICATIONS MAY ALSO INCLUDE MODEL-BASED QUANTITATIVE ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE AND DO NOT PROVIDE ANY RECOMMENDATION TO BUY, SELL OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF ANY INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE CARE AND UNDERSTANDING THAT EACH INVESTOR WILL CAREFULLY MAKE HIS OWN RESEARCH AND EVALUATION OF EACH SECURITY THAT IS CONSIDERED FOR PURCHASE, HOLDING OR SALE.

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MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANYONE AS A REFERENCE AS THIS TERM IS DEFINED FOR REGULATORY PURPOSES AND SHOULD NOT BE USED IN A MANNER THAT COULD CONSIDER AS A REFERENCE.

All information contained herein is obtained by MOODY’S from sources believed to be accurate and reliable. However, due to the possibility of human or mechanical error and other factors, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S takes all necessary measures to ensure that the information it uses to assign a credit rating is of sufficient quality and comes from sources that MOODY’S considers to be reliable including, where applicable, independent third-party sources. However, MOODY’S is not an auditor and cannot in any case independently verify or validate the information received as part of the rating process or the preparation of its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim all liability to any person or entity for any indirect, special, consequential or incidental loss or damage whatsoever , arising out of or relating to the information contained herein or the use or inability to use such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is informed in advance of the possibility of such loss or damage, including but not limited to: (a) any loss of actual or potential profits or (b) any loss or damage occurring when the financial instrument concerned does not not subject to a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim all liability for any direct or compensatory loss or damage to any person or entity, including but not limited to limit, any negligence (but excluding fraud, willful misconduct or any other type of liability which, for the avoidance of doubt, cannot be excluded by law) on the part of, or any contingency within the control or beyond the control of MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising out of or in connection with the information contained herein or the use or inability to use this information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF ANY CREDIT RATING, RATINGS, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER.

Moody’s Investors Service, Inc., a credit rating agency wholly owned by Moody’s Corporation (“MCO”), hereby declares that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred shares rated by Moody’s Investors Service, Inc. have, prior to the assignment of any credit rating, agreed to pay Moody’s Investors Service, Inc. for rating opinions credit and the services it renders fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to ensure the independence of credit ratings and Moody’s Investors Service credit rating processes. Information regarding certain affiliations that may exist between MCO directors and rated entities, and between entities that hold Moody’s Investors Service credit ratings and that have also publicly disclosed to the SEC an ownership interest in MCO of more than 5% , are published annually on www .moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy”.

Additional Terms for Australia Only: Any publication in Australia of this material is in accordance with the Australian Financial Services License of MOODY’S subsidiary, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (if applicable). This document is intended for supply only to “wholesale customers” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from Australia, you represent to MOODY’S that you are, or are accessing to the document as a representative of a “wholesale customer” and that neither you nor the entity you represent will directly or indirectly distribute this document or its contents to “retail customers” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion of the creditworthiness of a debt security of the issuer, and not of the equity securities of the issuer or any form of security available to investors in detail.

Additional Terms for Japan Only: Moody’s Japan KK (“MJKK”) is a wholly owned subsidiary credit rating agency of Moody’s Group Japan GK, which is wholly owned by Moody’s Overseas Holdings Inc., a wholly owned subsidiary of MCO. Moody’s SF Japan KK (“MSFJ”) is a wholly owned subsidiary credit rating agency of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Accordingly, the credit ratings assigned by MSFJ are non-NRSRO credit ratings. Non-NRSRO credit ratings are assigned by an entity that is not an NRSRO and therefore the rated obligation will not qualify for certain types of treatment under US law. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stocks rated by MJKK or MSFJ (as applicable) have, prior to the assignment of any credit rating, agreed to pay MJKK or MSFJ (as applicable) for credit rating opinions and the services it renders a fee ranging from 100 000 JPY to around 550,000,000 JPY.

MJKK and MSFJ also maintain policies and procedures to meet Japanese regulatory requirements.

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Hollywood actress Sharon Stone opens up about nine miscarriages https://carinsuranceinmemphis.net/hollywood-actress-sharon-stone-opens-up-about-nine-miscarriages/ Sat, 25 Jun 2022 08:11:14 +0000 https://carinsuranceinmemphis.net/hollywood-actress-sharon-stone-opens-up-about-nine-miscarriages/ Veteran Hollywood actress Sharon Stone has spoken out about her nine miscarriages for the first time. The actress revealed her loss while commenting on a People Instagram post where Dancing With The Stars singer Peta Murgatroyd opened up about losing a pregnancy with husband Maks Chmerkovskiy. The revelation came after Murgatroyd, 35, told how she […]]]>

Veteran Hollywood actress Sharon Stone has spoken out about her nine miscarriages for the first time.

The actress revealed her loss while commenting on a People Instagram post where Dancing With The Stars singer Peta Murgatroyd opened up about losing a pregnancy with husband Maks Chmerkovskiy.

The revelation came after Murgatroyd, 35, told how she discovered she had lost her pregnancy while Chmerkovskiy, 42, was away in Ukraine.

Speaking of her experience, Sharon said:

“We as women have no forum to discuss the depth of this loss. I have lost nine children to miscarriage,’ Stone wrote.

Also read: Actress Tonto Dikeh urges single mothers to invest in their children

“It’s not nothing, physically or emotionally.

“Yet we are made to feel like it is something to bear alone and secretly with a sort of sense of failure. Instead of receiving the compassion, empathy and healing that we so badly need.

“The health and welfare of women left to the care of male ideology has become lax at best, ignorant in fact and violently oppressive in the effort.”

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Rent-a-Bank payday loans have the highest loss rates in the banking system https://carinsuranceinmemphis.net/rent-a-bank-payday-loans-have-the-highest-loss-rates-in-the-banking-system/ Thu, 23 Jun 2022 17:23:29 +0000 https://carinsuranceinmemphis.net/rent-a-bank-payday-loans-have-the-highest-loss-rates-in-the-banking-system/ Federal regulators have long expected banks to make loans with a high degree of confidence that borrowers will repay them. But some banks supervised by the Federal Deposit Insurance Corp. (FDIC) issue loans, on behalf of payday lenders, that have dangerously high levels of default. These loans, known as “rent-a-bank” loans, have much higher loss […]]]>

Federal regulators have long expected banks to make loans with a high degree of confidence that borrowers will repay them. But some banks supervised by the Federal Deposit Insurance Corp. (FDIC) issue loans, on behalf of payday lenders, that have dangerously high levels of default. These loans, known as “rent-a-bank” loans, have much higher loss rates than other banking system products, including the small loans that banks offer directly to their own customers with low credit ratings.

These bank lease loans are possible because banks are only required to meet the interest rate limits of their home state, not those of the borrower’s state. So a half a dozen small banks now make loans on behalf of payday lenders at interest rates far higher than those allowed by the borrowers’ home states, with payday lenders only being able to make the loans due to the banks’ charters. These loans are very similar to the kinds of credit offered indiscriminately to non-customers that banking regulators – due to their mandate to keep the banking system safe and sound by limiting unsafe practices – have historically shut down.

Asset quality is a key measure in the federal oversight topic used to assess a bank’s risk management, which includes an assessment of the likelihood that a bank’s loans will be repaid. Federal banking regulators explicitly point out that small loans should be done with “a high percentage of clients repaying successfully…” Yet in 2019, the Three biggest payday loan companies involved in rent-a-bank loans had annualized net losses average of 50%, unlike other loans issued by banks which, throughout the banking system, had losses ranging from 2% to 9% that year. (The 2019 figures are most relevant due to historically unusual borrowing and repayment patterns in 2020 and 2021 as a result of the government response to COVID-19.) These loss rates resemble payday loan rates not online banking, which are based on the payday lender business model, characterized by high customer acquisition costs, losses, overhead and interest rates, and are approximately 12 times higher than credit card loss rates over the same period and more than five times higher than those of small loans from banks and credit unions—suggesting that lending banks had a relatively low expectation of repayment.

Normally, high loss rates in rent-a-bank lending would trigger regulatory scrutiny because they suggest unsafe lending. However, banks sell most of these loans or receivables to their payday loan partners after origination, so the results of bank lease loans are largely hidden from view from bank examiners. By selling the loans, the banks are essentially moving earnings data off their books — which are scrutinized in standard banking reviews — and into the earnings results of payday lenders, which are not.

There is a better way. Banks should provide access to secure credit by following the example of the growing number of institutions that provide small loans to their customers on fair terms, while controlling losses. In fact, many banks serve borrowers with similar credit profiles as payday borrowers, but have much higher repayment rates; these banks are increasingly leveraging technology, particularly in automating loan underwriting and origination, to outperform non-bank lenders in terms of speed of underwriting, ease of access to loans and certainty of approval, which are the primary reasons borrowers have historically turned to payday lenders. This approach leads to affordable loans for bank customers, which helps improve both their financial well-being and their inclusion in the banking system.

It’s time for the FDIC to put an end to high-cost, loss-making rent-a-bank lending, which harms the financial health of customers and undermines safe lending practices in the banking system.

Alex Horowitz is a Principal Officer and Chase Hatchett is a Senior Associate of The Pew Charitable Trusts Consumer Lending Project.

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Body and Mind Reports Third Quarter Fiscal 2022 Financial Results https://carinsuranceinmemphis.net/body-and-mind-reports-third-quarter-fiscal-2022-financial-results/ Tue, 21 Jun 2022 20:45:00 +0000 https://carinsuranceinmemphis.net/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 […]]]>

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:

California:

  • 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.

Ohio:

  • 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.

Arkansas:

  • 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.

Michigan:

  • Brands and offers extended to the Body and Mind dispensary of Muskegon;
  • paused the Manistee construction of cultivation and production facilities for evaluation.

Illinois

  • 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

Proofreading Again
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.

Instagram: @bodyandmindBaM
Twitter: @bodyandmindBaM

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]

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HEXO’s quarterly loss reaches C$146.6 million https://carinsuranceinmemphis.net/hexos-quarterly-loss-reaches-c146-6-million/ Mon, 20 Jun 2022 05:59:59 +0000 https://carinsuranceinmemphis.net/hexos-quarterly-loss-reaches-c146-6-million/ HEXO (NASDAQ:HEXO,TSX:HEXO) shareholders had a tough week of trading as the company amended an investment agreement, saw a subsidiary file for creditor protection and laid off 450 employees. Another Canadian cannabis retailer cited poor market conditions as the reason for its quarterly loss. Keep reading to learn more about cannabis from the past five days. […]]]>

HEXO (NASDAQ:HEXO,TSX:HEXO) shareholders had a tough week of trading as the company amended an investment agreement, saw a subsidiary file for creditor protection and laid off 450 employees.

Another Canadian cannabis retailer cited poor market conditions as the reason for its quarterly loss.

Keep reading to learn more about cannabis from the past five days.


HEXO shareholders face a week of struggles

As part of the financial report for its third fiscal quarter, HEXO reported a net loss of C$146.6 million for the period. The loss came despite nearly doubling revenue from the same period last year.

CEO Charlie Bowman said the company was “committed to streamlining” its operations to generate positive cash flow and drive growth. According to a BNN Bloomberg reportthe cannabis producer will save C$30.6 million by laying off 450 employees.

Given its recent performance, HEXO has elected to resume its previous financial guidance for 2022 and 2023.

Also this week, HEXO revised its previously announced agreement with Tilray Brands (NASDAQ: TLRY, TSX: TLRY). The deal, which will give Tilray the option to acquire a stake in HEXO, will now allow Tilray to do so at a lower price.

“The partnership is an essential next step in improving our capital structure, and we are confident that the synergies achieved will reset the industry,” Bowman said.

In addition to its own challenges this week, HEXO acknowledged the difficulties its subsidiary Zenabis Global is currently going through. Zenabis has filed a petition in a Quebec court for protection under the Companies’ Creditors Arrangement Act; its objective is to restructure its commercial and financial activities.

In his fileZenabis said the following about his current situation:

Due to, among other things, margin pressures caused by the fragmentation of the entire cannabis industry, general operational and financial underperformance, and financial pressures resulting from obligations owed to creditors, Zenabis Group n has not been able to generate positive cash flow and has consistently incurred cumulative losses.

The news reflects the difficulties cannabis investment experts are seeing in the Canadian space – for some time market watchers have been pointing out that there is no longer room for error for some players, suggesting that the way to change things starts to disappear. Amid mounting losses at home, Canadian cannabis companies are also not finding it easy to access the US market.

A Canadian retailer shares its financial results

Cannabis retailer Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) has offered investors a closer look at its latest financial numbers as the company results presented for its first fiscal quarter.

The company reported a net loss of C$9.9 million, resulting in a loss per share of C$0.27 for the period, partly due to lower revenue. The loss this quarter, however, was an improvement over the same period last year, when the company recorded a loss of C$16.5 million.

The company’s decline in revenue, C$40.9 million for the quarter, was blamed on “increasing competition from newly issued licenses and pricing pressures in the cannabis retail market.”

Stéphane Trudel, CEO of Fire & Flower, said the company aims to achieve positive adjusted EBITDA and free cash flow. In response to the growing challenges eating away at the company’s revenue, he said the company would seek to optimize its retail network.

“We remain focused on improving near-term financial performance and remain firmly focused on our ultimate goal of financial sustainability by driving positive free cash flow,” the executive said.

Cannabis Business News

  • Ayr Wellness (CSE: AYR.A, OTCQX: AYRWF)began selling adult-use cannabis products at its three New Jersey dispensaries. Jonathan Sandelman, CEO of Ayr, said the state produced $24 million in its first month of adult sales and called the launch “monumental”.
  • Delta 9 Cannabis (TSX:DN,OTCQX:DLTNF)firm its most recent public offering worth nearly C$2 million by selling shares at a price of $0.22 each.
  • The Valens Company (TSX: VLNS, NASDAQ: VLNS)confirmed it does not comply with NASDAQ’s minimum bid price requirement. The company now faces a deadline of December 12, 2022 to fall back into the pricing rule.
  • RIV Capital (CSE: RIV, OTC Pink: CNPOF)share financial results for its fourth fiscal quarter of 2022 and for the full year. Mark Sims, president and CEO, said the company would invest in four dispensaries as well as a facility in New York to target the state’s high-end market. The company reported a net loss on both a quarterly and annual scale.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan McGovern, have no direct investment interests in any of the companies mentioned in this article.

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After another big weekly loss, assess if stocks are cheap and if a buying opportunity is near https://carinsuranceinmemphis.net/after-another-big-weekly-loss-assess-if-stocks-are-cheap-and-if-a-buying-opportunity-is-near/ Sat, 18 Jun 2022 13:07:45 +0000 https://carinsuranceinmemphis.net/after-another-big-weekly-loss-assess-if-stocks-are-cheap-and-if-a-buying-opportunity-is-near/ Stocks are definitely on sale, but are they cheap? Markdowns are not always the same as bargains. It all depends on the original price and the quality of the goods. And even with last week’s price declines on Wall Street, it’s hard to say the market is cheap overall. But value appears to be emerging […]]]>

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TSX posts biggest loss since 2020 as inflation fears take hold https://carinsuranceinmemphis.net/tsx-posts-biggest-loss-since-2020-as-inflation-fears-take-hold/ Thu, 16 Jun 2022 21:09:33 +0000 https://carinsuranceinmemphis.net/tsx-posts-biggest-loss-since-2020-as-inflation-fears-take-hold/ The Toronto Stock Exchange had its worst day in more than two years on Thursday as investors faced the reality of significantly higher interest rates to bring down stubbornly high inflation. The benchmark Canadian stock index lost 618 points to close below 19,000 for the first time since April 2021. In percentage terms, it was […]]]>

The Toronto Stock Exchange had its worst day in more than two years on Thursday as investors faced the reality of significantly higher interest rates to bring down stubbornly high inflation.

The benchmark Canadian stock index lost 618 points to close below 19,000 for the first time since April 2021. In percentage terms, it was the worst day for the Canadian stock market in two years.

The TSX followed the lead of stock markets around the world, which fell in unison after the Federal Reserve raised its key interest rate by 75 basis points on Wednesday, its biggest rise in 26 years.

The Swiss National Bank and the Bank of England followed suit on Thursday, raising their lending rates in a bid to calm overheated economies.

“The market is digesting what 75 points means and wondering if the Fed can continue this aggressive cycle without triggering a recession?” said Brenda O’Connor-Juanas, senior vice president of investment banking UBS.

Great hike expected in Canada

After rising three times this year to take its rate from 0.25% as recently as March to 1.5% now, investors expect the Bank of Canada to announce its own rate hike this month. next, bringing its rate to 2.25. %, a level not seen since before the 2009 financial crisis.

Persistent inflation has cooled equity markets recently as investors realize that persistently rising prices will dampen profits as consumers are forced to find ways to cut spending.

“We have an overheated economy and there’s only one way to calm it down, and it’s going to be painful,” O’Connor-Juanas told CBC News in an interview.

All 11 TSX sub-indices were down, from energy to banks, and from healthcare to technology.

NYSE trader Peter Tuchman, known for his Wall Street-themed hats, wore one in November 2020 when the Dow was about to hit 30,000 points for the very first time. The US stock index again broke through this barrier on Thursday, in the other direction. (Brendan McDermid/Reuters)

Things were even worse on Wall Street, where the Dow Jones Industrial Average fell 700 points or more than 3% to dip below the 30,000 level for the first time since January 2021.

“These are psychological barriers,” said Anthony Scilipoti, CEO of Toronto-based Veritas Investment Research. “The problem with selling is that it begets selling.”

The broader S&P 500 had its worst day since September 2020, losing 123 points, or more than 3%.

Both the S&P and the tech-focused Nasdaq have officially entered bear markets, meaning they are down 20% or more from the peak.

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North Lebanon turns to apothecaries as healthcare costs soar https://carinsuranceinmemphis.net/north-lebanon-turns-to-apothecaries-as-healthcare-costs-soar/ Tue, 14 Jun 2022 21:57:00 +0000 https://carinsuranceinmemphis.net/north-lebanon-turns-to-apothecaries-as-healthcare-costs-soar/ TRIPOLI, June 14 (Reuters) – Once a gym instructor, Mohammad Abadeen now runs a small apothecary in northern Lebanon, offering affordable herbal treatments to customers tired of chronic drug shortages and price hikes. The craft dates back thousands of years and is known as alternative or herbal medicine – relying on concoctions made from natural […]]]>

TRIPOLI, June 14 (Reuters) – Once a gym instructor, Mohammad Abadeen now runs a small apothecary in northern Lebanon, offering affordable herbal treatments to customers tired of chronic drug shortages and price hikes.

The craft dates back thousands of years and is known as alternative or herbal medicine – relying on concoctions made from natural herbs, spices and oils with the aim of treating ailments such as colds, coughs and stomach bugs.

Abadeen comes from a family of apothecaries in the northern port city of Tripoli and, nearly three years after Lebanon’s economic collapse began, demand is growing.

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“When the prices started going up, people started using this alternative medicine,” the 53-year-old said.

Lebanon’s currency has lost more than 90% of its value since 2019, while drug prices have quadrupled, according to an Amnesty International report from December 2021.

In September, the United Nations warned that health care was out of reach for 33% of households in Lebanon. More than half of them could not obtain medicines, either because they were too expensive or because they were no longer in stock in pharmacies.

A few weeks later, the cash-strapped Lebanese government lifted subsidies on most drugs – including those to treat chronic diseases, including cancer – driving up prices even further.

Tripoli, in particular, has been hit hard by the financial maelstrom – the port city was ranked the poorest in the Mediterranean by the United Nations even before the crisis began.

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Abadeen said his clients are “exhausted…between different medications, blood tests and exams” – so he offers alternatives such as zoubai, a native herb similar to thyme that can be brewed into tea to soothe a headache. throat .

People are even turning to herbal remedies for more serious ailments, said apothecary Omar al-Rafie.

“Diabetes drugs now cost around a million Lebanese pounds,” Rafie said, nearly twice the country’s minimum monthly wage of around 600,000 pounds.

“Somebody could buy us a weed instead for around £50,000,” the 48-year-old herbalist added.

Lebanon’s Health Ministry was aware of cancer patients using herbal remedies because their treatments were no longer accessible, Acting Health Minister Firas al-Abiad said, warning against dangers.

“It’s worrying. It’s not a substitution, and a lot of people don’t understand that,” he told Reuters.

While pharmaceutical products undergo rigorous testing to determine effectiveness and possible side effects, there is no standardized process for herbal remedies.

Lebanon’s lack of a central laboratory to conduct its own tests or issue regulations leaves the door open to widespread abuse of “uncontrolled substances” like herbal treatments, Abiad said.

Joe Salloum, the head of Lebanon’s pharmaceutical syndicate, said occasional use of herbal concoctions could provide relief – but unregulated dosage could pose health risks.

“When does it become dangerous? When it’s used in a concentrated way, when someone pushes it into a capsule and uses it the wrong way or in the wrong dosage,” Salloum said.

Omar al-Ali, a pharmacist in Tripoli, said his customers were buying pills by the sachet because they could no longer afford an entire box, and more of them were asking for herbal remedies.

“It used to be a minority, but it’s slowly growing as people try to run away from the extreme cost of drugs,” Ali said.

Apothecaries have not been spared from the price hikes either.

After sourcing from places like India and China, many have had to cut back on imports from overseas as they are priced in US dollars, now much stronger than the Lebanese pound.

“We only get what is needed instead of stockpiling widely as we used to,” said apothecary Kamal al-Shahal.

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Additional reporting by Maya Saad and Issam Abdallah; Editing by Maya Gebeily and Ed Osmond

Our standards: The Thomson Reuters Trust Principles.

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Subsea 7 revises its 2022 forecast https://carinsuranceinmemphis.net/subsea-7-revises-its-2022-forecast/ Mon, 13 Jun 2022 06:01:21 +0000 https://carinsuranceinmemphis.net/subsea-7-revises-its-2022-forecast/ Luxemburg – 13 June 2022 – Subsea 7 SA (Oslo Børs: SUBC, ADR: SUBCY) today updated its adjusted EBITDA guidance for the full year 2022. Seaway 7 ASA1 today announced provisions for the results of the execution of offshore wind farm installation projects due to increased costs related to weather delays and mechanical breakdowns. This, […]]]>

Luxemburg 13 June 2022 – Subsea 7 SA (Oslo Børs: SUBC, ADR: SUBCY) today updated its adjusted EBITDA guidance for the full year 2022.

Seaway 7 ASA1 today announced provisions for the results of the execution of offshore wind farm installation projects due to increased costs related to weather delays and mechanical breakdowns. This, combined with an increase in the existing provision on the Formosa 2 project2including the effects of Covid-19, will impact Subsea 7 Adjusted EBITDA for 2022, which is still expected to be broadly in line with 2021.

1 Seaway 7 ASA is listed on Euronext Growth (SEAW7) and its financial statements are consolidated within the Subsea 7 group.

2 As part of the combination agreement between the fixed offshore wind segment of Subsea 7 and OHT AS to form Seaway 7 ASA, the economic interest in the Formosa 2 project was retained by Subsea 7 SA and not transferred to Seaway 7 SAA. The financial result of this project is therefore accounted for in the Renewables segment of Subsea 7 and not in the financial statements of Seaway 7 ASA.

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Subsea 7 is a global leader in providing offshore projects and services for the evolving energy industry, creating lasting value by being the industry’s partner and employer of choice to deliver the effective offshore solutions the world requires.

Subsea 7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

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Contact for inquiries from the investment community:
Catherine Tonks
Investor Relations Director
Tel +44 (0)20 8210 5568
katherine.tonks@subsea7.com

Forward-looking statements: This announcement may contain “forward-looking statements” (within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied. heard in these statements. Forward-looking statements can be identified by the use of words such as “anticipate”, “believe”, “estimate”, “expect”, “future”, “objective”, “intend”, “probable ‘, ‘could’, ‘plan’, ‘project’, ‘research’, ‘should’, ‘strategy’ ‘will’ and similar expressions. The main risks likely to affect the Group’s future operations are described in the “Risk management” section of the Group’s annual report and consolidated financial statements for the year ended December 31, 2021. Factors likely to cause material differences between actual and future results and trends of our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed-price projects in accordance with customer expectations and within the parameters of our offerings, and avoid cost overruns; (ii) our ability to collect receivables, negotiate change orders and collect related revenues; (iii) our ability to recover major project costs; (iv) capital expenditures by oil and gas companies, which are affected by fluctuations in the price and demand for crude oil and natural gas; (v) unexpected delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss or deterioration of our relationship with any major customer; (viii) the outcome of legal proceedings or government investigations; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, civil unrest, changes in foreign government regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or natural disaster; (xi) liability to third parties for the failure of our joint venture partners to perform their obligations; (xii) changes in or our failure to comply with applicable laws and regulations (including regulatory measures relating to climate change); (xiii) operational risks, including spills, environmental damage, personal or property damage, and business interruption caused by adverse weather conditions; (xiv) equipment or mechanical failures, which could increase costs, reduce revenues and result in penalties for failure to meet project completion requirements; (xv) timely delivery of vessels ordered and timely completion of vessel conversion programs; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cybersecurity or data security breaches; and (xvii) the effectiveness of our disclosure controls and procedures and our internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this announcement. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is considered as inside information in accordance with the EU Market Abuse Regulation and is subject to the disclosure requirements in accordance with section 5-12 of the Norwegian Securities Trading Act.

  • SUBC Guidelines June 2022

  • ASA Seaway 7 Exchanges Update

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