Body And Mind Delivers Only Nevada Operations Revenue In Earnings Report

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 29 mins

Psychedelic Therapy Industry Reels After Major Clinic Closures

@GreenMarketRpt – 6 hours

Michigan Cannabis Prices Spiked in February, First Time Since Legalization

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.