Business
Body and Mind Announces Q3 2023 Financial Results
Reports Quarterly Revenue of US$7.3 Million & Highlights Recent Developments Las Vegas, Neva...
About this update from Body & Mind Inc.
[{"type":"text","content":"Body and Mind Announces Q3 2023 Financial ResultsReports Quarterly Revenue of US$7.3 Million & Highlights Recent DevelopmentsLas Vegas, Nevada and Vancouver, British Columbia--(Newsfile Corp. - June 21, 2023) - Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the \"Company\" or \"BaM\"), a multi-state operations-focused cannabis company, is pleased to announce financial results for the third quarter of fiscal year 2023 ended April 30, 2023 and to provide shareholders with an operational update. All financial information is provided in U.S. dollars unless otherwise indicated.Q3 FY 2023 Summary & Comparison to Q2 FY 2023 (in Millions of US$)Q3 FY 2023Q2 FY 2023Revenue$7.3$7.7Net Income/(Loss)($3.6)($2.7)Adjusted EBITDA*($0.7)($1.3) Q3 FY 2023 (ended April 30, 2023) and Subsequent Highlights:Completed construction, approvals and opened the Markham, Illinois dispensary. This is the first of two dispensary projects in the Illinois market. The Markham dispensary is located within the largest retail mall in Markham, Illinois, which has average daily traffic counts of more than 400,000 cars per day within a mile of the project location and held a Grand Opening with local and state politicians on May 27, 2023.Advanced New Jersey state license application in conjunction with BaM Body and Mind Dispensary NJ, Inc. f/k/a CraftedPlants NJ, Inc. Received formal planning committee approval on the site plan, commenced design and architectural plans for the New Jersey location and working with state and local authorities to complete the state license.Divested the Michigan BaM Body and Mind dispensary to focus time and energy on the Illinois and New Jersey markets.Commenced product sales of Pretzel Bites, Turbo and vaporization cartridge products in Ohio from the Ohio processing operation.Management Commentary\"Our most recent quarter reflects a 46% improvement in adjusted EBITDA over last quarter as we continue to streamline our operations and expand into new markets. During the quarter, our team has focused on cost reductions and development of the new Illinois and New Jersey dispensaries,\" stated Michael Mills, CEO of Body and Mind Inc. \"We believe the Chicagoland market remains underserved by dispensaries and the Grand Opening of the Markham, Illinois dispensary was a significant milestone for the Company. We continue to work with ...