Mr. Michael Mills reports
BODY AND MIND REPORTS RECORD FINANCIAL RESULTS
Body and Mind Inc. has released its financial results for the second fiscal quarter ended Jan. 31, 2021. Financial results are reported in accordance with U.S. generally accepted accounting principles and all currency is in U.S. dollars.
Q2 FY2021 financial summary
Reported Q2 FY2021 revenue of $6.31-million, a 19-per-cent increase over Q1 FY2021 ($5.29-million), and a 300-per-cent increase over Q2 FY2020 ($1.57-million);
- Q2 FY2021 gross profit of $2.74-million, an increase in excess of 400 per cent over Q2 FY2020 ($530,000);
Q2 FY2021 net operating income of $190,000;
- Q2 FY2021 net loss of $1.15-million;
Positive adjusted earnings before interest, taxes, depreciation and amortization of $660,000;
- Inventory of $2.22-million as of Jan. 31, 2021;
At Jan. 31, 2021, Body and Mind had $1.17-million in cash and a working capital surplus of $1.13-million;
- Total assets were $41.44-million and total liabilities were $8.93-million at Jan. 31, 2021;
- 108,377,778 common shares were issued and outstanding as of Jan. 31, 2021, (108,827,778 as of March 16, 2021).
"Our continued growth is reflected in our strong quarterly results and clean balance sheet as our operations continue to increase revenue, gross profit and EBITDA across our cultivation, production and dispensary platforms," stated Michael Mills, chief executive officer of Body and Mind. "We are seeing increased adoption of our delivery and curbside offerings as cannabis sales across all of our markets show ongoing growth. Our team is working with local and state inspectors for final permits for the Arkansas cultivation as well as finalizing construction of the Ohio production facility. Both these opportunities are expected to add revenue this fiscal year and allow expansion of Body and Mind branded offerings. Our licensing team is advancing applications at state and local levels in our current states as well as applications in new states. Our executive team is active with review of acquisitions and opportunities to continue our growth and expansion."
The unaudited consolidated interim financial statements for the quarter ended Jan. 31, 2021, are available on SEDAR and EDGAR and should be read in connection with this news release.
The company will be hosting earnings call on Monday, March 22, 2021, at 4:30 p.m. Eastern Time.
Participants can dial 1-888-664-6392 or 416-764-8659 and use confirmation number 34426056.
A replay of the conference call will be available at 1-888-390-0541 until March 29, 2021. Please use replay number 426056 followed by the number sign.
About Body and Mind Inc.
Body and Mind is an operations-focused multistate operator investing in high-quality medical and recreational cannabis cultivation, production and retail. The company's wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licences and holds cultivation and production licences. Body and Mind products include dried flower, edibles, oils and extracts, as well as GPEN Gio cartridges. Body and Mind 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.
Body and Mind 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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