23:26:32 EDT Wed 16 Jun 2021
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or Name

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Body and Mind Inc
Symbol BAMM
Shares Issued 101,698,593
Close 2021-02-01 C$ 0.81
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Body and Mind loses $780,000 (U.S.) in fiscal Q1 2021

2021-02-02 10:35 ET - News Release


Body and Mind Inc. has released its financial results for the first fiscal quarter ended Oct. 31, 2020.

Q1 FY2021 financial summary (results expressed in U.S. dollars unless otherwise indicated)

  • Reported Q1 FY2021 revenue of $5.29-million, a 144-per-cent increase over Q4 FY2020 ($2.17-million) and 267-per-cent increase over Q1 FY2020 ($1.44-million);
  • Q1 FY2021 gross profit of $1.8-million;
  • Q1 FY2021 net operating loss of $700,000;
  • Q1 FY2021 net loss of $780,000;
  • Basic and diluted loss per share of one cent;
  • Positive adjusted earnings before interest, taxes, depreciation and amortization of $57,135;
  • Managed Q1 FY2021 revenue of $6.49-million;
  • Inventory of $1.87-million as of Oct. 31, 2020;
  • At Oct. 31, 2020, BaM had $1.33-million in cash and a working capital surplus of $1.91-million;
  • Total assets were $40.57-million, total current liabilities were $4.61-million and total liabilities were $7.19-million at Oct. 31, 2020; and
  • 108,307,278 common shares were issued and outstanding as of Oct. 31, 2020 (108,377,778 as of Jan. 25, 2021).

Operational milestones for Q1 FY2021 and to date


  • ShowGrow Long Beach dispensary ownership transferred to 100-per-cent-owned Body and Mind subsidiary to allow consolidation of revenues effective Aug. 28, 2020;
  • ShowGrow Long Beach dispensary commenced curbside pickup and on-line ordering purchase options; and
  • ShowGrow San Diego dispensary has commenced delivery service in addition to curbside pickup and other on-line ordering purchase options.


  • Received cannabis distribution licence from the state of Nevada;
  • Received approval to expand cultivation canopy. The company continues to renovate past-production areas into new cultivation space; and
  • Worked with brand partner Her Highness to launch its female-focused brand into the Las Vegas market.


  • Ownership of The Clubhouse dispensary outside Cleveland, Ohio, transferred to a 100-per-cent-owned Body and Mind subsidiary to allow consolidation of revenues effective Sept. 4, 2020;
  • A definitive agreement is in place to acquire the remaining 70-per-cent ownership of NMG Ohio LLC, subject to regulatory approval; and
  • Development of the NMG Ohio production facility, which is currently 30 per cent indirectly owned by BaM, has advanced with construction expected to be completed around March, 2021.


  • Body and Mind dispensary awarded "Best Dispensary in Arkansas" by Ark420.com;
  • Commenced delivery and on-line ordering options;
  • Preparation for cultivation continuing with cultivation team engaged in the final stages of set-up in advance of inspection and permitting by local and state authorities; and
  • The facility construction Capex is complete with roughly 3,500 square feet of retail and approximately 6,500 square feet constructed for future cultivation and packaging operations.

"These strong quarterly results reflect our emphasis on lean operations and asset consolidation," stated Michael Mills, chief executive officer of BaM. "Our focus on limited licence jurisdictions and efficient operations has resulted in strong financial results, a clean balance sheet and no long-term debt. As we fully consolidate our current assets and complete our current projects, we look forward to adding revenue within our current infrastructure. Our current production and cultivation developments are anticipated to expand the Body and Mind branded product portfolio into Ohio and Arkansas. Our dispensary and cultivation operations show steady growth as we continue to evaluate new expansion and acquisition opportunities for licenses and the Body and Mind brand."

The unaudited consolidated interim financial statements for the quarter ended Oct. 31, 2020, are available on SEDAR and EDGAR and should be read in connection with this news release.

The company will be hosting earnings call on Wednesday, Feb. 3, 2021, at 4:30 p.m. Eastern Time.

Participants can dial 1-888-664-6392 or 416-764-8659 and use confirmation No. 57147511.

A replay of the conference call will be available at 1-888-390-0541 until Feb. 10, 2021. Please use replay No. 147511 followed by the number sign.

About Body and Mind Inc.

BaM is an operations-focused multistate operator investing in high-quality medical and recreational cannabis cultivation, production and retail. Its wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licences and holds cultivation and production licences. BaM products include dried flower, 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, Las Vegas Hempfest Cup 2016, High Times Top Ten, the NorCal Secret Cup and the Emerald Cup.

BaM continues to expand operations in Nevada, California, Arkansas and Ohio and is dedicated to increasing shareholder value by focusing time and resources on improving operational efficiencies, facility expansions, state licensing opportunities as well as mergers and acquisitions.

We seek Safe Harbor.

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