Body and Mind Reports Year End Financial Results and Provides Shareholder Update – PRNewswire

VANCOUVER, BC, Dec. 16, 2020 /PRNewswire/ – Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the “Company” or “BaM”), a multi-state operator, is pleased to announce its financial results for the fiscal year ended July 31, 2020 and is providing shareholders with an operational update.

FY2020 Financial Summary (results expressed in $USD unless otherwise indicated):

For the fiscal year ended July 31, 2020, achieved record annual consolidated revenue of $6.23 million; For the fiscal year ended July 31, 2020, achieved record system wide managed revenue of $17.66 million*; Gross profit totalled $1.51 million for fiscal 2020, yielding a gross profit margin of 24%; Significant inventory of $1.77 million as of July 31, 2020; Basic and Diluted loss per share $(0.04) for the fiscal year; Consolidated revenue is reported from Nevada and San Diego operations only. Income from the Elyria, Ohio dispensary is treated as equity pickup as the licenses for ShowGrow Long Beach and the Elyria, Ohio dispensaries were transferred to the Company after the fiscal year end; At July 31, 2020, BaM had $1.35 million in cash; Total Current Assets were $5.60 million, Total Assets were $38.8 million, Total Current Liabilities were $2.81 million and Total Liabilities were $5.49 million at July 31, 2020; and 107,513,812 common shares were outstanding as at July 31, 2020.

FY 2020 Q4 Summary (results expressed in $USD unless otherwise indicated):

Fourth quarter consolidated sales of $2.17 million, a 106% gain over Q3 consolidated sales; Fourth quarter system wide managed revenue of $5.57 million*, a 39% gain over Q3; Gross profit totalled $0.74 million, yielding a gross profit margin of 34%; Basic and Diluted loss per share $(0.01) for the fourth quarter; Consolidated revenue is reported from Nevada and San Diego operations only.

*Managed revenue: refers to results for the 12 months and 3

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