Body and Mind Inc. (OTCQB:BMMJ) (CSE:BAMM) released its financial results for the third fiscal quarter ended April 30, 2022, revealing revenue of $7.88 million, a 10% increase over Q3 2021 revenue of $7.16 million.
Q3 2022 Financial Higlights
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Gross profit of $2.91 million
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Net loss of $2.46 million
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Adjusted EBITDA loss of 0.78 million
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At April 30, 2022, BaM had $3.71 million in cash and a working capital surplus of $2.42 million
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Total assets were $52.99 million, total current liabilities were $9.44 million and total liabilities were $22.70 million at April 30, 2022;
"Our team continues to expand retail and wholesale operations as our newer facilities in Ohio, Arkansas and Michigan ramp up with increased product offerings," stated Michael Mills, CEO of Body and Mind. "Our Arkansas cultivation has reached a steady state and our perpetual harvest and innovative craft cannabis strains have driven increased visits to our dispensary as well as growing our wholesale operations. We applaud the recent announcement that winning dispensary licenses in Chicago will be released in late July and look forward to bringing our retail expertise to the important Illinois market. Our most recent quarter saw an impact on earnings from our previous Michigan construction expenses as well as a dip in margins due to systemic economic impacts. Our recent debt extension and reduced cash payment for the Seaside acquisition provide flexibility as we plan for future expansion and we are excited to continue to expand our wholesale Body and Mind products and retail locations across new markets."
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