Body and Mind Nevada Dispensaries Seeing 30% CAGR Despite COVID-19 Challenges
Body and Mind Inc. (CNSX: BAMM) (OTCMKTS: BMMJ), a multi-state operator with operations in four U.S. states, is continuing to see strong sales growth despite the challenges of the pandemic. With reported Q2 FY2021 revenue up 19% over Q1 FY2021, April “4/20” sales set new records as the public’s insatiable appetite for cannabis products remains robust. CEO Michael Mills and Chief Operating Officer Trip Hoffman joined TDR to discuss how its operations have been performing so far in the second quarter.
Our first order of business was discussing the current consumer landscape, with reports that Las Vegas foot traffic on the strip had been normalizing in recent weeks. Although the Las Vegas’ famous convention circuit was still closed for business, rank & file foot traffic appeared to be improving. As COO Trip Hoffman explains:
Yeah actually, even though the overall visitor traffic is down something around 60% from year-over-year in pre-COVID times, we’re estimating that that sixty percent represents all convention traffic which is zero right now. That all the normal visitors traffic is actually slightly up over time. And because of that, those visitors, the non-conventioners, are the ones that frequent the dispensaries and our dispensaries here in Las Vegas and throughout the state of Nevada are still seeing strong 30% CAGR over the last two years because of that.
We were also curious to see how the company’s so-called “4/20” sales chimed-in especially given that industry peers such as Ayr Wellness had experienced record metrics this year. To nobody’s surprise, Body and Mind saw increase numbers across the board and consistent with increases seen in previous years. Quite simply, demand for cannabis products with trusted vendors shows no signs of slowing down—especially in Nevada, where Body & Mind was among the state’s first entrants.
Click on the embedded link for more of our newest interview with Body and Mind CEO Michael Mills and COO Trip Hoffman, in their own words.