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Body and Mind Posts Q3 Results, Sees 33% Revenue Drop

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Body and Mind Posts Q3 Results, Sees 33% Revenue Drop

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ), which recently agreed to manufacture and distribute Shoogies' THC infused sweeteners in California, released its third-quarter financial results.

The Vancouver-based company generated more than $1 million in revenue during the quarter, down by 33% sequentially.

In addition, its nine-month revenue amounted to $4.06 million.

"I am extremely proud of our entire team as they have grown our operations, brand, and customer base during this incredibly challenging business environment," said Body and Mind CEO Michael Mills Wednesday.

Mills further explained that closures of Nevada casinos and dispensaries in March due to coronavirus outbreak significantly impacted cannabis sales in Nevada.

However, in early May, Body and Mind witnessed "increased sales across our product offerings," as the state's dispensaries opened for walk-in customers, continued Mills.

Here's a breakdown of what the company's earnings report showed:

  • Basic and Diluted Loss per share hovered around $0.01 
  • Managed revenue for the three and nine months (ended April 30 ) of $4 million and $11.9 million, respectively 
  • They represent sales of cannabis products which Body and Mind cannot consolidate due to regulatory restrictions
  • Inventory of $1.57 million
  • $1.28 million in cash
  • Working capital surplus of $4.04 million
  • Total Assets amounted to $39.3 million

Other quarterly highlights include the opening of ShowGrow stores in San Diego and West Memphis, closing of a production license deal with Her Highness, and development of the Ohio production facility, to name a few.

"Our focus on streamlined, debt-free operations and achieving milestones continues to expand our revenues across multiple states in our cultivation, manufacturing, and retail operations," added Mills.

Courtesy photo

 

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