Body and Mind Inc. Reports Fiscal 2018 Financial Results
Tue November 13, 2018 GlobeNewswire
VANCOUVER, British Columbia, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Body and Mind Inc. (BMMJ) (CSE: BAMM, US OTC: BMMJ) (the “Company” or “BaM”) has filed its audited consolidated financial statements for the fiscal year ended July 31, 2018. The financial statements are the first reported audited consolidated financial statements of the company since the acquisition (“Acquisition”) of Nevada Medical Group LLC (“NMG”) by BaM on Nov. 14, 2017. It should be highlighted to readers of these consolidated financial statements that the consolidated statement of operations reports NMG’s revenues and expenses from November 15, 2017 to July 31, 2018, which is approximately 8.5 months. NMG’s revenues and expenses prior to the Acquisition date from August 1, 2017 to November 14, 2017 have been recorded as part of the acquisition.
Financial highlights
Record quarterly revenues of USD $1,073,982 million for fiscal Q4 2018 compared with USD $789,209 for fiscal Q3 2018; Significant inventory as at July 31, 2018 of USD $953,417 compared to USD $691,709 as at April 30, 2018; Total Sales for Fiscal Year USD $2,692,979 Gross Margin for Fiscal Year USD $1,196,197 One time listing and transaction costs of USD $795,805; and Non-cash share-based compensation of USD $789,679 and accretion expense of USD $277,219 Basic Loss Per Share $(0.05)
"Our last quarter was the best quarter on record and closed with July being our best month to date,” stated Robert Hasman, a director of Body and Mind. “Our Nevada operations are cash flow positive and are realizing efficiencies from our Phase II expansion. We anticipated continued sales growth as the increased cultivation from Phase II expansion is harvested and translates to sales in December. Our strategy is to leverage our deep experience of cannabis operations as we pursue low cost entry into new markets and grow our premium Body and Mind brand. The recent strategic financing of Body and Mind with Australis Capital Inc. is a testament to our strong operations, first class team and numerous growth opportunities.”
The audited consolidated financial statements for the fiscal year ended July 31, 2018 are available on SEDAR and should be read in connection with this release.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Michael Mills 778-389-0007 mmills@bamcannabis.com
About Body and Mind Inc.
BaM is a publicly traded company investing in high quality medical and recreational cannabis cultivation and production and retail. Our wholly-owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licences and holds cultivation and production licenses in Nevada and partial ownership of a production and dispensary license in Ohio. BaM products include dried flower, edibles, topicals, extracts as well as GPEN Gio cartridges. BaM marijuana strains have won numerous awards including the Las Vegas Hempfest Cup 2016, High Times Top Ten, the NorCal Secret Cup and the Emerald Cup.
Body and Mind continues to expand operations in Nevada and Ohio and is constantly reviewing accretive expansion opportunities.
