John SchroyerMultistate marijuana operator Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) recorded a $200,000 loss in its second fiscal quarter of 2024, which ended Jan. 31, while revenues stayed flat year-over-year, the company reported in its most recent financial filing.
The net loss is a reversal from the small but noteworthy profit of the same amount in the first quarter of 2024, but it’s also a huge improvement from the $2.7 million loss in the second quarter of fiscal 2023.
Body and Mind posted $4.4 million in revenue for the quarter, the same amount as it pulled in a year prior, the company reported.
During the quarter, Body and Mind strategically pivoted to focus on the cannabis markets of Illinois and New Jersey, and divested from its Nevada operations, selling its cultivation and processing assets for $2 million to Vegas Brazil LLC.
Body and Mind also made progress on the build-out of new dispensaries in Illinois and New Jersey. The Illinois shop is expected to open in the first half of 2024 in the Chicago suburb of Lynwood, while the New Jersey store is still awaiting a building permit.
“The most recent quarter reflects our work to improve financial performance, improve margins and streamline our operations to support building our operations in Illinois and New Jersey,” CEO Michael Mills said in a statement. “The Illinois and New Jersey markets continue to be underserved and offer significant opportunities for revenue growth.”
Body and Mind also still has a cannabis retail footprint in California.
As of Jan. 31, Body and Mind had $17.9 million in total assets, including $1.4 million in cash, against $27.7 million in total liabilities.
