Body and Mind Q3 Revenue Dips 2% Sequentially to $7.9 Million

Las Vegas, NV and Vancouver, B.C., Canada (June 21, 2022) – Body and Mind Inc. (CSE: BAMM, OTCQB: BMMJ) (the “Company” or “BaM”), a multi-state US cannabis operator, is pleased to report its financial results for the third fiscal quarter ended April 30, 2022.

Q3 FY2022 Financial Summary (results expressed in USD$ unless otherwise indicated):

  • Reported Q3 FY2022 revenue of $7.88 million, a 10% increase over Q3 FY2021 revenue of $7.16 million;
  • Q3 FY2022 Gross profit of $2.91 million;
  • Q3 FY2022 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 as of April 30, 2022;
  • At April 30, 2022, BaM had $3.71 million in cash and a working capital surplus of $2.42 million;
  • Total Assets were $52.99 million, Total Current Liabilities were $9.44 million and Total Liabilities were $22.70 million at April 30, 2022;
  • 113,349,464 shares of common stock outstanding as of April 30, 2022 (113,349,464 as of June 20, 2022).

Operational Milestones for Q3 FY2022:


  • Amended definitive agreement for the acquisition of the Seaside dispensary to have $1.25 million of the purchase price switched from cash to common stock (see June 21, 2022 press release);
  • The Company took over management of Seaside dispensary operations effective December 1, 2021;
  • Local and state approval of change in ownership of the Seaside dispensary licenses received;
  • Received state licenses for a manufacturing and distribution facility in development stage with local approvals previously received.


  • Increased production capacity and received approval to use the kitchen at the Ohio production facility;
  • Body and Mind branded extract products sold through wholesale on Ohio dispensary shelves with an expanded product line in progress;
  • Secured high quality biomass for extract products to produce shatter, sugar and live resin offerings.


  • Received first concentrate extracts from third-party extractor using Body and Mind biomass;
  • Cultivation operations achieved steady state of operations with flower and extracted product sales through wholesale to other dispensaries and sales in the attached Body and Mind dispensary.


  • Expended brands and offerings at the Body and Mind dispensary in Muskegon;
  • Paused the Manistee cultivation and production facility construction for evaluation.


  • The Company has management agreements with two entities that have been identified in the Illinois Department of Financial and Professional Regulation (IDFPR) results of the Social Equity Justice Lottery as recipients of Conditional Adult-Use Cannabis Dispensary Licenses (Conditional Licenses) in the greater Chicago-area BLS region;
  • Final license awards by the Illinois Department of Financial and Professional Regulation (IDFPR) anticipated on or before July 22, 2022 as outlined by a June 10th IDFPR press release;
  • Identified and advanced real estate opportunities for dispensary locations.

“Our team continues to expand retail and wholesale operations as our newer facilities in Ohio, Arkansas and Michigan ramp up with increased product offerings,” stated Michael Mills, CEO of Body and Mind. “Our Arkansas cultivation has reached a steady state and our perpetual harvest and innovative craft cannabis strains have driven increased visits to our dispensary as well as growing our wholesale operations. We applaud the recent announcement that winning dispensary licenses in Chicago will be released in late July and look forward to bringing our retail expertise to the important Illinois market.”

Our most recent quarter saw an impact on earnings from our previous Michigan construction expenses as well as a dip in margins due to systemic economic impacts.

Michael Mills, CEO of Body and Mind

Our recent debt extension and reduced cash payment for the Seaside acquisition provide flexibility as we plan for future expansion and we are excited to continue to expand our wholesale Body and Mind products and retail locations across new markets.

*Adjusted EBITDA is a Non-GAAP metric used by management that does not have any standardized meaning prescribed by U.S. GAAP and may not be comparable to similar measures presented by other companies. Management defines the Adjusted EBITDA as the income (loss) from operations, as reported, before interest, taxes, and adjusted for removing other non-cash items, including the stock-based compensation expense, depreciation, and further adjustments to remove acquisition related costs or gains. Management believes Adjusted EBITDA is a useful financial metric to assess 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 U.S. GAAP is net income (loss) from operations, which was presented above prior to 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 connection with this news release.

The Company will be holding an earning call on Tuesday June 21, 2022 at 5:00 p.m. Eastern

Conference Call Participant Details

Confirmation #: 30671046
Local: Toronto: 416-764-8659
North American Toll Free: 1-888-664-6392

Encore Replay
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Encore Replay Expiration Date: 06/28/2022

About Body and Mind Inc.

BaM is an operations focused US multi-state cannabis operator investing in high quality medical and recreational cannabis cultivation, production and retail.

BaM continues to expand operations in Nevada, California, Arkansas, Ohio and Michigan 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.

Our wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licenses and holds cultivation and production licenses. 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.

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Original press release

Published by NCV Newswire
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