Body and Mind Inc. (OTCMKTS:BMMJ) Stock Gains After Getting New Conditional Chicago Dispensary Licenses
An operations-focused multi-state operator, Body and Mind Inc. (OTCMKTS:BMMJ) invests in high-quality medical as well as recreational cannabis cultivation, production, and retail. The company’s wholly-owned Nevada subsidiary was given an award for being one of the first medical marijuana cultivation licenses. The firm’s products include edibles, dried flowers, oils, and extracts. Its cannabis strains have won several awards including Las Vegas Hempfest Cup 2016, 2019 Las Vegas Weekly Bud Bracket, High Times Top Ten, NorCal Secret Cup, and the Emerald Cup.
Market Stats
On Wednesday, BMMJ stock moved up 3.40% to $0.1034 with 485K shares, compared to its average volume of 88K shares. The stock moved within a range of $0.0925 – 0.1124 after opening trading at $0.1124.
Body and Mind Awarded Two Conditional Chicago Dispensary Licenses
Body and Mind Inc on July 27, 2022, announced that the two subsidiaries, NMG IL 1, LLC as well as NMG IL 4, LLC have been given conditional dispensary licenses in the Chicago area. Both NMG IL 4 and NMG IL 1 have been given conditional licenses for BLS Region #5 (Chicago-Naperville-Elgin). The metropolitan Chicago area had a 2020 census population of 9.6 million people.
Michael Mills, CEO of Body and Mind said that the license application strategy is continuing to create value. Mills further stated that the firm is looking at working towards social equity and partnering for sharing industry experience. The CEO also said that the strategy of the license application in limited license jurisdictions is creating shareholder value and is sharing details of the Illinois expansion strategy.
The company has the option to acquire all membership interests pursuant to a convertible credit facility between its subsidiary, DEP Nevada Inc, and each of NMG IL 1 and NMG IL 4.
Body and Mind Reports Q3 FY2022 Financial Results
Body and Mind Inc on June 22, 2022, reported financial results for quarter three ending April 30, 2022. The company had revenue of $7.88 million, which was 10% higher than the same quarter last year. Its gross profit for the current quarter was $ 2.91 million while the net operating loss was $1.34 million. Its adjusted Adjusted EBITDA loss of 0.78 million. In April 2022, the company had $3.71 million in cash as well as a working capital surplus of $2.42 million. BaM’s Total Assets were $52.99 million while its Total Current Liabilities were $9.44 million. The company had 113,349,464 shares of common stock outstanding by end of April 2022.
In California, the firm amended the definitive agreement for acquiring Seaside dispensary and has $1.25 million of the purchase price. The company confirmed on taking over management of the dispensary starting in December 2021. BaM also confirmed getting state licenses for manufacturing as well as distribution in the development stage with local approvals previously received.
For Ohio, the firm witnessed higher production capacity and also got approval for using the kitchen at the Ohio production facility. Body and Mind branded extract products are sold wholesale. The company also secured high-quality biomass for extract products to make sugar and live resin offerings. In Arkansas, BaM got its first to concentrate extracts from a third-party extractor using Body and Mind biomass.
Traders Corner
BMMJ stock is trading below the 50-Day and 200-Day Moving averages of $0.11 and $0.13 respectively. However, the stock is trading above the 20-Day moving average of $0.24.
