Body and Mind Inc. (“BAM”) Announces Q3-2018 Financial Results and Corporate Update
VANCOUVER, B.C., CANADA (June 29, 2018) – Body and Mind Inc. (CSE: BAMM, US OTC: BMMJ), (the “Company” or “BAM”) announces the filing of its unaudited condensed consolidated interim financial statements for the nine months ended April 30, 2018 (the “Q3-2018 Consolidated Interim Financial Statements”). The Q3-2018 Consolidated Interim Financial Statements are the second publicly reported quarterly financial statements of the Company since the acquisition of Nevada Medical Group LLC (“NMG”) by BAM on November 14, 2017 (the “Acquisition”). The Company would like to highlight to readers of the Q3-2018 Consolidated Interim Financial Statements that the related consolidated statement of loss and comprehensive loss for the period ended April 30, 2018 incorporates NMG’s revenues and expenses from the date of Acquisition to April 30, 2018. Revenues and expenses of NMG prior to the Acquisition date have been recorded as part of the Acquisition. The parent company’s expenses have been incorporated into the Q3-2018 Consolidated Interim Financial Statements for the full nine month period. Unless stated otherwise, all figures disclosed in the Company’s financial statements are stated in United States Dollars.
|Financial Performance ($USD):||3 Months ended||9 Months ended|
|April 30, 2018||April 30, 2018*|
|Subsidiary Operations – Nevada
· Total sales
|· Cost of Sales||$ 402,705||$ 670,880|
|· Gross Margin||$ 384,807||$ 948,087|
|· Net Comprehensive Loss||$ 430,979||$ 1,717,994|
|· Non-cash charges incurred||$ 122,112||$ 857,366|
|· Non-recurring Acquisition related costs||$ –||$ 471,408|
* The Company’s sales and cost of sales are derived from its Nevada operations and the consolidated statement of loss for the period ended April 30, 2018 incorporates NMG’s operations from the date of Acquisition (November 14, 2017) to April 30, 2018.
Robert Hasman, BAM director commented, “We are pleased with the increase in yields, production and inventory during the third quarter. The Company continues to monitor and evaluate production and processing procedures and has taken numerous measures to help improve results from cultivation and production. These new efficiencies and procedures continue to improve yields and harvest timing and the results are expected be realized in the Company’s bottom line in the coming quarters.”
The complete Q3 interim financial statements, together with management’s discussion and analysis are available on www.sedar.com and should be read in connection with this release.
Further to the Company’s news release dated June 7, 2018 announcing the Company’s 30% ownership interest in an Ohio Medical Cannabis Dispensary, the Company would like to report that it is currently in negotiations with other partners of the license in an effort to purchase a majority ownership position. While negotiations are currently ongoing, there can be no assurance that negotiations will continue and/or that the Company will come to an agreement to purchase any additional interest in the Ohio license.
The Company would also like to report that the Ohio partners have initiated communications with local and Ohio state authorities and anticipate commencing construction on remodeling a facility currently situated at the Ohio dispensary location.
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 regarding Body and Mind Inc. please contact:
Michael Mills 778-389-0007
About Body and Mind
Body and Mind is a publicly traded company investing in high quality medical and recreational cannabis cultivation and production. Our wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licenses and holds cultivation and production licenses. Body and Mind products include dried flower, edibles, topicals, extracts as well as GPEN Gio cartridges. Body and Mind 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.
For more information please visit our web site at www.bammarijuana.com
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release.
Actual results could differ materially from those currently anticipated due to a number of factors and risks including the inability of the Company to obtain shareholder and exchange approval, or to raise additional equity as well as the various risk factors discussed in the Company’s disclosure documents, which can be found under the Company’s profile on www.sedar.com. Body and Mind Inc. undertakes no obligation to update publicly or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by law or the Canadian Securities Exchange. We seek safe harbour.