Body and Mind Inc. BAMM BMMJ reported its financial results Friday for the fiscal year ended July 31, 2021 and provided shareholders with an operational update and select financial results. The Las Vegas and Vancouver-based cannabis company achieved record annual consolidated revenue of $26.90 million, a 332% increase over FY2020 of $6.23 million.
FY2021 Financial Summary
- Gross profit totaled $11.99 million for FY2021, an increase of 695% over FY2020 of $1.51 million;
- Gross profit margin of 45%, an improvement of 87% over FY2020 gross margin of 24%;
- Basic and Diluted loss per share of $(0.02) for FY2021;
- Net Loss of $1.98 million, an improvement of $2.62 million from FY2020 Net Loss of $4.60 million;
- Adjusted EBITDA of $3.96 million, an improvement of $6.43 million over FY2020 Adjusted EBITDA of $(2.47 million);
- On July 31, 2021, BaM had $7.37 million in cash;
FY 2021 Q4 Summary
- Q4 consolidated revenue of $8.14 million, a 14% gain over Q3 consolidated revenue of $7.16 million;
- Gross profit totaled $3.17 million, yielding a gross profit margin of 39%;
- Basic and Diluted earnings per share $(0.00) for Q4;
- Adjusted EBITDA of $1.53 million* for Q4;
- Cashflows from operations of $0.32 million for Q4;
- Net income of $0.20 million for Q4.
Operational Milestones for FY2021 and to Date:
- California - Completed license transfer of the ShowGrow Long Beach dispensary into a 100% owned subsidiary of BaM in September 2020.
- Nevada - Partnered with Her Highness to launch the Her Highness brand in Nevada and completed construction of space conversion in the cultivation facility, resulting in a 20% increase in flower canopy.
- Ohio - Completed license transfer for the Clubhouse dispensary to a 100% owned subsidiary of BaM in August 2020; completed construction of approximately 4,000 square foot production facility; and closed NMG Ohio dispensary and production facility transaction.
- Arkansas - Commenced cultivation activities in Arkansas with in-state partner, Comprehensive Care Group LLC.
- Michigan - Leased a commercial building in Manistee, MI with the intent of developing a cultivation facility with 50,000 square feet of canopy as well as a production facility; received state and local preapproval licenses, and building permits to advance a Phase 1 cultivation and production facility with approximately 25,000 square feet of indoor cultivation and 5,000 square feet of production/manufacturing; commenced construction of a wholly-owned dispensary in Muskegon.
- Illinois - Announced 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 zone.
"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," stated Michael Mills, CEO of BaM.
Body and Mind’s shares were trading 0.94% higher at 39 cents per share at the time of writing Friday morning.
Photo: Courtesy of Avery Meeker on Unsplash
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
BENZINGA CANNABIS CONFERENCE
Meet the biggest cannabis industry players and make deals that will push the industry forward.
Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.
Join us April 11-12, 2023 at Fontainebleau Miami Beach in sunny Florida.