Body and Mind Reports Revenue Dip In 2023 But CEO Is Optimistic About Future Growth

Body and Mind Inc. BAMM BMMJ announced its financial results on Tuesday for the fiscal year ended July 31, 2023, revealing a 2.4% year-over-year decrease to $22.8 million.

“This year has been focused on streamlining our assets and operations in support of developing what we believe to be our highest returning capital projects in the Illinois and New Jersey markets," Michael Mills, CEO of Body and Mind said. "The recent sale of our Ohio dispensary resulted in full repayment of our senior secured lender, improved our balance sheet, and resulted in reduced interest expenses by roughly $1 million per year. Our divestment of the Ohio processing operation is anticipated to provide an additional $2 million in incremental capital before the end of November 2023 which we plan to use to fund our dispensaries under development.”

FY 2023 Financial Highlights

• Gross profit totaled $5.8 million compared to a gross profit of $7.4 million for 2022.
• Net operating loss was $7.7 million compared to net operating loss of $4.5 million in the prior year.
• Other expenses amounted to $10.5 million compared to $22.1 million in 2022.
• Net loss was $20.6 million compared to a 2022 net loss of $28.2 million.
• Adjusted EBITDA came in negative at $6 million.
• Total current assets were $9.3 million, total assets were $21.2 million, total current liabilities were $7.7 million and total liabilities were $30.5 million on July 31, 2023.

What’s Next

Some of the key priorities for Body and Mind in the following year are:

• Entry to the New Jersey
• Market Expansion in the Illinois Market
• Ongoing Optimization of Existing Operations
• License Application
• New Expansion Opportunities

Related News

• Ohio Dispensary Sale To Fund Retail Expansion In Other States? This Cannabis Co. Shifts Focus
• Body And Mind To Divest Ohio Cannabis Dispensary
• Body And Mind Enters Illinois Cannabis Market
• Body And Mind Q2 FY23 Revenue Declines 3.75% YoY, What About Adjusted EBITDA?
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Photo: Courtesy of Ibrahim Rifath on Unsplash