Body and Mind Q1 Revenue Increases 144% Sequentially to $5.3 Million – New Cannabis Ventures

Body and Mind Reports Q1 2021 Financial Results and Earnings Call

Achieves Record Revenues and Quarterly Growth

VANCOUVER, BC, Feb. 2, 2021 /PRNewswire/ – Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the “Company” or “BaM”), a multi-state operator, is pleased to report its financial results for the first fiscal quarter ended October 31, 2020.

Q1 FY2021 Financial Summary (results expressed in $USD unless otherwise indicated):

Reported Q1 FY2021 revenue of $5.29 million, a 144% increase over Q4 FY2020 ($2.17 million) and 267 % increase over Q1 FY2020 ($1.44 million); Q1 FY2021 Gross profit of $1.8 million; Q1 FY2021 Net Operating Loss of $0.70 million; Q1 FY2021 Net Loss of $0.78 million; Basic and Diluted loss per share of $0.01; Positive Adjusted EBITDA of $57,135*; Managed Q1 FY2021 revenue of $6.49 million**; Inventory of $1.87 million as of October 31, 2020; At October 31, 2020, BaM had $1.33 million in cash and a working capital surplus of $1.91 million; Total Assets were $40.57 million, Total Current Liabilities were $4.61 million and Total Liabilities were $7.19 million at October 31, 2020; 108,307,278 common shares were issued and outstanding as of October 31, 2020 (108,377,778 as of January 25, 2021).

Operational Milestones for Q1 FY2021 and to Date:

California:

ShowGrow Long Beach dispensary ownership transferred to 100% owned Body and Mind subsidiary to allow consolidation of revenues effective August 28, 2020; ShowGrow Long Beach dispensary commenced curbside pickup and online ordering purchase options; ShowGrow San Diego dispensary has commenced delivery service in addition to curbside pickup and other on-line ordering purchase options.

Nevada:

Received cannabis distribution license from the state of Nevada; Received approval to expand cultivation canopy. The Company continues to renovate past production areas into new cultivation space; Worked with brand partner Her Highness to launch their female focused brand into the Las Vegas market.

Ohio:

Ownership of The Clubhouse dispensary outside Cleveland, Ohio transferred to a 100% owned Body and Mind subsidiary to allow consolidation of revenues effective September 4, 2020; A definitive agreement is in

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