Body and Mind Inc. (OTCMKTS:BMMJ) Announces Receipt Of Distribution License In Nevada and Releases FY2020 Financial Results

Body and Mind Inc. (OTCMKTS:BMMJ) has announced its FY2020 financial results and also provided an operational update for the year ended July 31, 2020. The company also recently announced that it had been granted a cannabis distribution license in Nevada subject to local city approvals.

Body and Mind receives distribution license in Nevada

Michael Mills the company’s CEO said that the distribution license will allow the Body and Mind to deliver its product and the contracted products that it manufactures to vendors directly. He added that the license will further enhance the company’s supply chain and also minimize the risks and costs of third party distributors in the state.

The Nevada Cannabis Compliance Board made the company aware of a disciplinary action complaint in October 2020. Then complaint involved the company’s operating subsidiary Nevada Medical Group LLC (NMG) which continues to operate uninterruptedly as it works to settle the agreement. On December 18, the CCB approved a settlement agreement with NMG which includes payment of a fine in installments and a warning for some violations. Its cultivation license was not suspended or terminated and the company is committed to the regulated marketplace’s integrity.

Body and Mind posts consolidated revenue of $6.23 in FY2020

In FY2020 the company reported a record annual consolidated revenue of $6.23 million and system-wide managed revenue of around $17.66 million. Gross profit was $1.51 million yielding 24% gross margins for FY2020. In q4 the company reported 106% sequential growth in consolidated revenue to $2.17 million with system-wide managed revenue also growing 39% sequentially to $5.57 million.

Mills said that the company achieved record revenues because of growing demand and sales from dispensaries. Most of the consolidated revenue was mainly from Nevada operations except for the new revenue from the company’s ShowGrow™ San Diego dispensary which opened in April 2020. Mills added that despite 2020 being a challenging year for most businesses they managed to grow and opened new operations across various states, introduced new strains, grew revenues significantly, and expanded their product portfolio.

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