Cannabis company Body and Mind Inc. BAMM BMMJ announced its financial results Thursday for the first fiscal quarter ended October 31, 2021.
Michael Mills, CEO of Body and Mind said that the quarterly results and "continued positive cash flow from operations reflect our commitment to lean, focused performance as we continue to add new accretive operations."
Q1 2022 Financial Highlights
- Revenue totaled $7.57 million, representing a 43% year-over-year increase.
- Gross profit was $3.49 million, a 94% increase from $1.8 million in the first quarter of fiscal 2021.
- Net operating profit amounted to $0.32 million.
- Net loss was $0.68 million.
- Basic and diluted loss per share was $0.01.
- Positive Adjusted EBITDA of 0.82 million.
- Inventory of $3.37 million as of October 31.
- On October 31, the company had $7.43 million in cash and a working capital surplus of $8.36 million.
- Total assets were $48.98 million, while total liabilities were $14.58 million on October 31.
- The company had 110,621,308 shares of common stock outstanding as of October 31.
Q1 2022 Operational Milestones
BaM announced the acquisition of the Seaside, California-based dispensary. On December 1, the company took over the management of Seaside dispensary. In addition, BaM also obtained approval for a change in ownership from the City of Seaside.
The company also launched operations at the NMG Ohio production facility and produced the first cannabis flower batch with perpetual harvest operations established in Arkansas.
In Michigan, Body and Mind continued vertical market expansion by bolstering its cultivation and retail capacities.
In Illinois, the company announced management agreements with two entities 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.
"Our growth strategy for FY2022 continues to advance with new operations and developing licenses," Mills continued.
The company said that it would be hosting an earnings call on Friday, December 17.
More recent news from Body and Mind:
- Body And Mind Fiscal Year Revenue Jumps 332% YoY To $26.90M
- Body & Mind Expands Branded Products To Ohio, Reports Operations In Michigan And Arkansas
- Body And Mind Enters Michigan's Booming Market With Cannabis Dispensary, Grow Facility
- Body And Mind Cannabis Co. Closes $11.1M Debt Financing, Plans To Ramp Up Growth Initiatives
BMMJ Price Action
Body and Mind's shares traded 2.53% higher at $0.3158 per share at the time of writing on Thursday.
Photo: Courtesy of Nataliya Vaitkevich from Pexels
© 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.