Body and Mind reports record year end financial results
Body and Mind Inc. a multi-state operator, is pleased to announce financial results for the fiscal year ended July 31, 2021 and is providing shareholders with an operational update and select financial results.
FY2021 Financial Summary (results expressed in $USD unless otherwise indicated):
· For the fiscal year ended July 31, 2021, achieved record annual consolidated revenue of $26.90 million, a 332% increase over FY2020 of $6.23 million
· Gross profit totalled $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)*
· At July 31, 2021, BaM had $7.37 million in cash;
· Total Current Assets were $14.31 million, Total Assets were $48.13 million, Total Current Liabilities were $6.45 million and Total Liabilities were $13.78 million at July 31, 2021; and
· 109,077,778 common shares were outstanding as at July 31, 2021.
FY 2021 Q4 Summary (results expressed in $USD unless otherwise indicated):
· Q4 consolidated revenue of $8.14 million, a 14% gain over Q3 consolidated revenue of $7.16 million;
· Gross profit totalled $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; and
· 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:
· Completed construction of space conversion in the cultivation facility to convert past production area into new cultivation space to provide an approximate 20% increase in flower canopy;
· Developed proprietary new strains and expanded Body and Mind branded SKU’s; and
· Partnered with Her Highness to launch the Her Highness brand in Nevada.
Ohio:
· Completed license transfer for the Clubhouse Dispensary to a 100% owned subsidiary of BaM in August 2020;
· Rebranded The Clubhouse dispensary to Body and Mind;
· Completed construction of approximately 4,000 square foot production facility;
· Closed NMG Ohio Dispensary and Production Facility transaction; and
· Produced and shipped the first Body and Mind branded products for the Ohio market.
Arkansas:
· Body and Mind dispensary awarded “Best Dispensary in Arkansas” by Ark420.com; and
· Commenced cultivation activities in Arkansas with in-state partner, Comprehensive Care Group LLC.
Michigan:
· Commenced vertical market expansion into Michigan;
· The Company has 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;
· Received state and local preapproval licenses, and building permits to advance a dispensary facility; and
· 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.