Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) reported the first-quarter 2020 revenue of $1.44 million, which represented its Nevada operations only. The net loss for the quarter was $896,797 which ended October 31, 2019. The basic and diluted loss per share of $0.01.
“We continue to expand BaM’s geographic footprint developing new, fully-funded facilities comprising retail, production, and cultivation,” stated Michael Mills, President and Interim CEO of Body and Mind. “Our deep cannabis and development experience has been decisive in our success advancing production and cultivation capacity in Nevada, co-developing a new dispensary in Arkansas and developing the ShowGrow San Diego dispensary. The Company continues to execute on its growth strategy, including submitting new state license applications, upgrading and expanding existing assets, and evaluating attractive acquisition opportunities. We look forward to updating you on our continued progress throughout fiscal 2020.”
The company said that the quarter’s income from Ohio would be treated as equity pickup. Ohio is now fully operational and but is currently only 30% indirectly owned by BaM. Body & Mind said it expects it will consolidate revenue from ShowGrow Long Beach when local and state licenses to conduct medical and adult-use commercial cannabis retail operations are issued to NMG Long Beach.
The company is set to expand into Arkansas with in-state partner, Comprehensive Care Group LLC, for a dispensary and fifty plant cultivation facility. The construction of the fully-funded medical marijuana dispensary in West Memphis, Arkansas, and all pre-construction activities have been completed. Work in progress includes final HVAC, drywall.
On October 31, 2019, BaM had $6.89 million in cash and $8.29 million in working capital surplus.