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Body and Mind Q4 Revenue Increases 14% Sequentially to $8.1 Million

Nov 19, 2021
LAS VEGAS and VANCOUVER, BC, Nov. 19, 2021 /PRNewswire/ – Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the “Company” or “BaM”), a multi-state operator, is pleased to annou ...

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LAS VEGAS and VANCOUVER, BC, Nov. 19, 2021 /PRNewswire/ – Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the “Company” or “BaM”), a multi-state operator, is pleased to announce financial results for the fiscal year ended July 31, 2021 and is providing shareholders with an operational update and select financial results.

FY2021 Financial Summary (results expressed in $USD unless otherwise indicated):

FY 2021 Q4 Summary (results expressed in $USD unless otherwise indicated):

Operational Milestones for FY2021 and to Date:

California:

Nevada:

Ohio:

Arkansas:

Michigan:

Illinois

We achieved record revenue in FY2021 and profitability in FY2021 Q4 as a result of our team’s focus on operations, quality products, lean structure and service to our customers. Throughout FY2021 we saw continued growth from our diversified operations as our new facilities continued to ramp up. We incurred one-time charges in Q4 as we advanced new operations and look forward to increased revenue from existing operations, new Ohio production operations and flower sales from cultivation in Arkansas.

Our debt financing and positive cashflow allows us to advance our Michigan developments and continue to accelerate our growth by upgrading and expanding our existing assets, pursuing new state licenses and evaluating attractive acquisition opportunities.

*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 operating income (loss), which was presented above prior to the Adjusted EBITDA figure.

FY2021 Year End Conference Call Details

The Company will be hosting earnings call on Friday, November 19th, 2021 at 11:00 a.m. Eastern.

Participants can dial 1-888-664-6392 or 416-764-8659 and use confirmation number 13970998.

A replay of the conference call will be available at 1-888-390-0541 until November 26, 2021. Please use replay number 970998 #

The audited consolidated financial statements for the fiscal year ended July 31, 2021 are available on SEDAR and EDGAR and should be read in connection with this news release.

About Body and Mind Inc.

BaM is an operations focused, multi-state operator investing in high quality medical and recreational cannabis cultivation, production and retail. Our wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licenses and holds medical and adult-use cultivation and production licenses. BaM products include dried flower, edibles, oils and extracts as well as GPEN products. BaM cannabis strains have won numerous awards including the Las Vegas Weekly Bud Bracket, Las Vegas Hempfest Cup, High Times Top Ten, the NorCal Secret Cup and the Emerald Cup.

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.

Please visit www.bodyandmind.com for more information. Instagram: @bodyandmindBaM Twitter: @bodyandmindBaM

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Original press release