Vancouver, British Columbia–(Newsfile Corp. – December 24, 2019) – 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, 2019 and is providing shareholders with the following operational update.
Q1 2020 Financial Summary (results expressed in $USD unless otherwise indicated):
Reported Q1 2020 revenue of $1.44 million, representing Nevada operations only;
Basic and Diluted loss per share of $0.01;
Q1 2020 revenue reported from Nevada operations only, income from Ohio treated as equity pickup. The Company anticipates consolidating 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 LLC;
Inventory of $1.25 million as of October 31, 2019;
At October 31, 2019, BaM had $6.89 million in cash and $8.29 million in working capital surplus.
Operational Milestones for Q1 2020 and to Date:
Completed a transition to the marijuana enforcement tracking reporting compliance (METRC) system through California subsidiary, NMG Long Beach. Transitioned ShowGrow Long Beach to a fully compliant METRC point of sale system by Weave;
Received a provisional Medicinal-Retailer License for San Diego location through subsidiary NMG San Diego LLC with Adult-use license application upcoming;
Subsidiary NMG Long Beach LLC submitted application for transfer of Long Beach Medicinal-Retailer and Adult-use recreation dispensary license to NMG Long Beach LLC;
Advanced fully-funded construction at the ShowGrow San Diego location by NMG San Diego, LLC, a subsidiary of BaM which is 60% owned;
Amended the management agreement for production operations at a licensed Cathedral City facility to transition to a brand director agreement;
Received final testing and California packaging compliance certificates for Satellites Dip LLC’s Cathedral City facility and BaM’s products;
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