Body and Mind Announces Financial Results for Q2 2024

Las Vegas, Nevada and Vancouver, British Columbia–(Newsfile Corp. – March 26, 2024) – Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) ( “company” or “Bam”), a cannabis company focused on operations in multiple states, is pleased to announce its financial results for the second quarter of its fiscal year 2024, ended January 31, 2024, and to provide shareholders with an update on its business. I’m glad. All financial information is provided in U.S. dollars unless otherwise stated.

Financial highlights for the second quarter of 2024 (ending January 31, 2024):

• Revenue for the second quarter of 2023 was $4.4 million, while revenue for the second quarter of 2024 was $4.4 million.

• Net loss of $200,000 compared to a net loss of $2.7 million in the second quarter of 2023.

• Gross margin improved to 45.7% in the second quarter of 2024 compared to 39.9% in the first quarter of 2023.

• As of March 25, 2024, the Company holds 147,686,393 common shares outstanding.

Operational Highlights for Q2 2024:

• As part of the Company’s continued focus on its most profitable projects in Illinois and New Jersey, the Company has entered into a definitive agreement to sell its Nevada cultivation and production operations for a total consideration of $2 million. For details, please refer to our press release issued on February 1, 2024.

• Jointly applied for New Jersey advanced license with BaM Body and Mind Dispensary NJ, Inc. His 4,000 square foot pharmacy facility will feature over 100 parking spaces for easy access and shopping convenience. Demolition is complete and building permits are expected to be issued soon.

• Construction continues at the Linwood, Illinois, pharmacy, with the interior and exterior of the building nearly complete, road construction approvals underway, and exterior excavation nearly complete. The Company expects Linwood Pharmacy to open in the first half of 2024.

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Management commentary

“In the most recent quarter, we focused on improving financial performance, increasing margins, and increasing operational efficiency to help build our business in Illinois and New Jersey,” said Michael Mills, CEO of Body & Mind. “This reflects our efforts towards rationalization.” “The wholesale pricing challenges and wholesale tax structure of Nevada make our It has been difficult for our Nevada operations to generate sufficient profits in the long term.We feel the Illinois and New Jersey markets remain underserved and we are looking to expand our brand and expand our brand. We believe that bringing our skilled team into these new markets provides significant opportunities for revenue growth.”

For more information, please refer to the Company’s recent Form 10-Q filings filed on EDGAR (www.sec.gov/edgar/search) and interim financial statements filed on SEDAR+ (www.sedarplus.ca). please.

About Body and Mind Co., Ltd.

BaM is an operationally focused cannabis company with active retail operations in Illinois and California, and pending retail operations in Illinois and New Jersey. We strive every day to expand our market share by satisfying our customers, and to continue to refine our operational efficiency to increase profits. We act primarily on the metric of return on investment. We believe that the most important return-on-investment project in front of us right now is the successful launch of cannabis retail stores in Illinois and New Jersey and the expansion of our existing retail store footprint. Masu. We also believe that our team’s core operational skill set will create significant future shareholder value as the cannabis industry matures.

Please come www.bodyandmind.com For more information.
Instagram: @bodyandmindBaM
Twitter: @bodyandmindBaM

For more information, please contact us below.

Company contact:

michael mills
CEO
Phone: 800-361-6312
ir@bodyandmind.com

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Safe Harbor Statement

Except for statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as that term is used under applicable U.S. and Canadian law. These statements relate to predictions of future performance, estimates of amounts that cannot yet be determined, and analyzes and other information that are based on management assumptions. Predictions, expectations, beliefs, plans, forecasts, objectives, assumptions or other statements involving expressions or discussions regarding future events or performance (often, but not always, “expects” or “does not expect”) Use words and phrases such as “, “anticipated,” “expect,” or “not anticipate,” “plan,” “estimate,” or “intend,” or a specific action, event. Statements such as “may,” “could,” “could,” “could,” or “forward-looking statements” are not statements of historical fact; These statements should be considered “forward-looking statements.” Such forward-looking statements may involve known and unknown risks, uncertainties and other factors. Such risks and other factors may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual results may vary. underlying assumptions related to estimates of activities, the availability of capital to fund programs and the risks of dilution, accidents, labor disputes and other risks posed by financing from stock sales; Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, or there may be other factors that cause results not to be as anticipated, estimated or expected. It was intended. There can be no assurance that such statements will prove to be accurate, as actual results or future events may differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release and the documents referenced in this news release.

Certain matters discussed in this news release and oral statements made from time to time by our representatives may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that such expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond our control or ability to predict. Important factors that could cause actual results to differ materially and that could affect the Company and statements contained in this news release include those described in the Company’s filings with the Securities and Exchange Commission. Masu. The Company undertakes no obligation to update or supplement any forward-looking statements, whether as a result of new information, future events or otherwise. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203115.