Body and Mind Q3 Revenue Increases 13% Sequentially to $7.2 Million – New Cannabis Ventures

Body and Mind Reports Record Financial Results 580% record revenue growth in Q3 2021 compared to Q3 2020 Management to host earnings call June 23, after market open

VANCOUVER, BC, June 22, 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 third fiscal quarter ended April 30, 2021. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars.

Q3 FY2021 Financial Summary:

Reported Q3 FY2021 revenue of $7.16 million, a 13% increase over Q2 FY2021 ($6.32 million), and a 580% increase over Q3 FY2020 ($1.05 million); Gross profit of $4.27 million, an increase in excess of 55% over Q2 FY2021 ($2.74 million); Net Operating Income of $0.71 million, an increase of 268% over Q2 FY2021 ($0.19 million); Net Loss of $ 0.25 million, an improvement of $0.90 million over Q2 FY2021 ($1.15 million net loss) Positive Adjusted EBITDA of $1.54 million*, an improvement of 133% over Q2 FY2021 ($0.66 million); Cash used in operating activities was $0.02 million for the nine months ended April 30, 2021 compared to $0.11 million for the six month period ended April 30, 2021, which indicates the Company was cash flow positive for the three month period ended April 30, 2021 Inventory of $3.52 million as of April 30, 2021; At April 30, 2021, BaM had $1.32 million in cash and a working capital surplus of $1.96 million; Total Assets were $42.21 million and Total Liabilities were $9.41 million at April 30, 2021; 109,077,778 common shares were issued and outstanding as of April 30, 2021 (109,077,778 as of June 21, 2021).

Operational Milestones for nine month period ending April 30, 2021 and to Date:

California:

ShowGrow Long Beach dispensary ownership transferred to 100% owned Body and Mind subsidiary to allow

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