A multi-state cannabis operator Body and Mind Inc. BAMM BMMJ released its third fiscal quarter earnings on Tuesday with revenue of $7.16 million, up by 580% from the same period in the prior year. The company is set to host an earnings call on June 23rd.
Third-Quarter Key Figures
- The Vancouver, British Columbia-based company also posted a net operating income of $710,000, up by 268% from the previous quarter;
- Its net loss amounted to $250,000, which compared to a net loss of $1.15 million in one quarter earlier;
- Body and Mind achieved a positive adjusted EBITDA in the quarter amounting to $1.54 million, up by 133% from the second quarter when it was around $660,000;
- Its gross profit for the period was $4.27 million, up by 55% from $2.74 million in the second quarter of fiscal 2021;
- Its operating expenses reached $200,000 for the nine months ending April 30;
- At the end of the reporting period, on April 30, Body and Mind held $1.32 million in cash and a working capital surplus of $1.96 million;
Business Achievements
The company also disclosed some of its operational milestones by the state for the nine months ending April 30 and to date.
California
- The company’s subsidiary obtained 100% ownership of ShowGrow Long Beach dispensary and started revenue consolidation on August 28, 2020;
- SnowGrow San Diego dispensary has started providing delivery services;
- Body and Mind has executed a lease and obtained local authorization for a cannabis production and distribution facility in California;
Nevada
- In Nevada, the company obtained a distribution license;
- The company-branded products are now available in almost all dispensaries across the state;
- Improved its cultivation output by around 20% through the expansion of cultivation space;
- Joined forces with brand partner Her Highness to bring their female-oriented brand in Las Vegas;
Ohio
- It has completed the build-out of NMG production facility and obtained operational approvals;
- Its subsidiary received 100% ownership of The Clubhouse dispensary outside Cleveland and commenced revenue consolidation on September 4, 2020;
- Started providing curbside and online order purchasing services;
Arkansas
- In the Natural State, Body and Mind started cultivation operations with first plant batches in the vegetative stage;
- Started offering delivery and online ordering purchase services;
- Finalized its Capex facility build-out;
"The continued growth across all of our markets is reflected in our record quarterly results and clean balance sheet as our operations continue to increase revenue, gross profit and EBITDA across our cultivation, production and dispensary platforms," Michael Mills, CEO of BaM stated. "In addition to growing revenues this quarter, our team has commenced cultivation in Arkansas and completed construction of the Ohio production facility. Both of these opportunities are expected to add revenue this fiscal year and allow expansion of Body and Mind branded offerings to new markets.”
Price Action
Body and Mind’s shares were trading 2.84% lower at 34 cents per share at the time of writing.
Photo by Esteban Lopez on Unsplash
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