Body and Mind

Body and Mind loses another $2.5 million in fiscal third quarter

Published

1 year ago

June 20, 2024

Operating costs of $7.7 million for the quarter pushed Body and Mind into loss territory.

Multistate marijuana operator Body and Mind (CSE: BAMM) (OTCQB: BMMJ) reported a net loss of $2.5 million for its third fiscal quarter of 2024, which ended April 30.

That’s a more than tenfold increase from its $200,000 loss in the second quarter, but down from the $3.6 million the Nevada-based company lost in the same period a year ago. Body and Mind flirted with profitability in its first fiscal quarter, reporting $200,000 in net income.

Body and Mind did not appear to issue a press release with commentary from company leadership for the most recent quarter, instead choosing to let its filing with securities regulators speak for itself.

For the quarter, Body and Mind posted $4.4 million in total revenue, up year-over-year from $4.1 million. That brings the fiscal year total revenue to $13.3 million, also up year-over-year from $13.2 million.

But operating costs totaled $7.7 million for the quarter, ultimately forcing Body and Mind into loss territory.

Body and Mind has a cannabis industry footprint in its home state of Nevada, along with Arkansas, California, Illinois, Michigan, New Jersey, Ohio, and Texas.

At the end of April, Body and Mind had $16.1 million in total assets, including $291,453 in cash, against $28.1 million in total liabilities, with a $69.5 million accumulated deficit.

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Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Body and Mind

The Daily Hit: October 28, 2024

Published

10 months ago

October 28, 2024

mscannabiz.com

The Daily Hit is a recap of the top financial news stories for Monday, October 28, 2024.

On the Site

StateHouse receiver says cannabis receiverships on the rise

A principal at Receivership Specialists, which was tapped by a court to oversee the distressed StateHouse Holdings, said demand for marijuana receivership services is on the upswing, particularly in California. Read more here.

Decibel Cannabis acquires AgMedica, plans private placement

Canadian licensed producer Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF) said Monday that it acquired AgMedica Bioscience Ltd. for a C$6.3 million unsecured convertible debenture. Read more here.

New York bans some cannabis and caffeine combos, but not all

New York marijuana regulators over the summer quietly banned caffeine-infused cannabis pills, with a notice to marijuana company Hudson Cannabis and its brand 1906, which until recently sold a pair of product lines that mixed the two popular chemicals. Read more here.

Left Coast ex-CEO wants court receiver to work out frozen funds

The former head of a failed cannabis payment processor claims dozens of businesses are owed money and is urging a federal court not to release remaining funds to just one company seeking repayment. Read more here.

Body and Mind fights for survival with new credit facility

Body and Mind Inc. (CSE: BAMM) (OTC Pink: BMMJ), or BAMM, is valiantly fighting for survival as the company announced that it received a credit facility agreement with Bengal Catalyst Fund LP for up to $2.3 million, which the company said is intended to be fully drawn down. Read more here.

Florida’s potential unleashes stock rally

Investors are feeling pretty confident about Floridians passing the adult-use legislation before them, so much so that cannabis stocks with exposure to that state have rallied noticeably. Read more here.

In Other News

Colorado

Green Dragon, one of Colorado’s largest cannabis companies, is preparing to cease operations. Read more here.

Kentucky

Kentucky’s first medical marijuana business licenses were designated during a lottery draw Monday afternoon in Louisville. Read more here.

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Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Aurora Cannabis

The Daily Hit: June 20, 2024

Published

1 year ago

June 20, 2024

mscannabiz.com

News from: Verano Holdings, New York City, Cronos Group, and more.

The Daily Hit is a recap of the top financial news stories for Thursday, June 20, 2024.

On the Site

Verano fires back at Goodness Growth in ongoing litigation

Verano wants a trial, while Goodness Growth wants a court to decide the fate of the lawsuit.

Read more here.

New York City cannabis fund to dole out millions in loans to social equity companies

The fund also plans to give out a second round to a broader pool of businesses.

Read more here.

Cronos Group expands GrowCo cannabis joint venture

Cronos will have the option to purchase up to 70% of GrowCo’s expanded production.

Read more here.

MediPharm Labs signs agreement with Remidose for cannabis inhalers, sprays

MediPharm said the deal will bring immediate revenue, as well as open global opportunities.

Read more here.

Earnings

In Other News

Acreage Holdings

Acreage Holdings named Rebecca Kirk as the company’s chief operating officer, effective July 1.

Read more here.

North Carolina

North Carolina’s Senate approved a measure legalizing medical marijuana in its first of two votes, 33-9, with nine Republicans breaking from the rest of the party to oppose it. If approved a second time, the bill will go to the state House, which has historically blocked Senate attempts to legalize the drug’s medical use.

Read more here.

Delaware social equity

An interactive map launched by the Delaware Office of the Marijuana Commissioner will help residents determine whether they could qualify for a recreational marijuana license through that office’s Social Equity License program.

Read more here.

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