Marimed Stock Price, News & Analysis

MariMed Inc. (MRMD) reported its Q2 2024 financial results, showing strong revenue growth both year-over-year and sequentially. Key highlights include:

- Revenue increased to $40.4 million, up from $36.5 million in Q2 2023
- GAAP Gross margin decreased to 42% from 45% in Q2 2023
- GAAP Net loss widened to $(1.6) million from $(0.9) million in Q2 2023
- Non-GAAP Adjusted EBITDA decreased to $4.4 million from $6.3 million in Q2 2023

The company remains on track to meet its 2024 financial targets, with wholesale business performing exceptionally well and retail transactions up 24% year-over-year. MariMed also announced operational updates, including new dispensary acquisitions and expanded cultivation facilities.

MariMed Inc. (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator, has appointed Mario Pinho as Chief Financial Officer, effective August 9, 2024. Pinho, a Certified Public Accountant with nearly 25 years of experience, joins MariMed from Rakuten USA, where he served as CFO since 2016. His extensive background includes executive roles at American Express and KPMG LLP.

Pinho brings expertise in FP&A, accounting, tax, procurement, and treasury, as well as experience in M&A and financial transactions. CEO Jon Levine expressed enthusiasm about Pinho's addition to the executive team, highlighting his valuable experience in financial reporting, mergers and acquisitions, SOX reporting, and investor relations as MariMed continues to implement its strategic growth plan.

MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) has commenced operations in the newly expanded area of its cultivation and processing facility in Hagerstown, Maryland. This expansion will double the facility's flower capacity, enabling MariMed to meet growing demand for its products in the state. The company plans to fill all nine new grow rooms with plantings over the next two months, with the first harvest expected to be ready for sale in Q4 2024.

CEO Jon Levine emphasized the importance of increasing flower production capacity in Maryland, a high-growth adult-use market. In addition to the expanded cultivation facility, MariMed operates a GMP-certified kitchen in Hagerstown and a Thrive Wellness Dispensary in Annapolis, offering products from its award-winning brand portfolio.

MariMed, a leading multi-state cannabis operator, announced it will release its second quarter 2024 financial results on August 7, 2024, after market close. A conference call to discuss these results will be held on August 8, 2024, at 8:00 a.m. EST. Both the live webcast and playback of the call will be accessible through MariMed’s Investor Relations website.

MariMed, a leading multi-state cannabis operator, has received approval to commence adult-use retail sales at its Panacea Wellness dispensary in Quincy, Massachusetts. This makes it MariMed's third adult-use dispensary in the state, hitting the maximum allowed by law. The Quincy location began adult-use sales on July 2, 2024, offering a variety of products including Nature's Heritage flower and concentrates, Betty's Eddies fruit chews, and Bubby's Baked goods.

Additionally, MariMed announced regulatory updates in Ohio and Maryland. They received a provisional dual-use license for recreational sales in Tiffin, Ohio, pending final state inspection. In Maryland, MariMed received approval to operate a newly expanded cultivation facility in Hagerstown and expects to commence operations at a second Thrive dispensary in Upper Marlboro later this month.

These developments are expected to positively impact MariMed's future operational and financial results.

MariMed has completed the acquisition of Our Community Wellness & Compassionate Care Center in Prince George's County, Maryland, effective April 5th. This dispensary, closed since July 1st, 2023, will reopen for adult-use cannabis sales by the end of the second quarter, pending regulatory approval. MariMed paid the state’s adult-use conversion fee and obtained the necessary retail license from the Maryland Cannabis Administration. This acquisition marks the company's second adult-use Thrive Wellness dispensary in Maryland. MariMed also operates a dispensary in Annapolis and a cultivation and processing facility in Hagerstown. The company plans further acquisitions to reach the state-allowed maximum of four dispensaries. The new Upper Marlboro location will feature MariMed’s branded products, including Nature’s Heritage, Betty’s Eddies, Bubby’s Baked, and Vibations.

MariMed Inc. reported strong financial results for the first quarter of 2024, with revenue reaching $37.9 million and a positive adjusted EBITDA for the 17th consecutive quarter. The company outperformed its competition in all markets, including Illinois, with significant growth in its wholesale business. MariMed also announced key operational highlights, such as expanding its branded products in Illinois, opening a new dispensary in Maryland, and forming partnerships with Boston music venues. The company's 2024 financial targets include revenue growth of 5-7% and non-GAAP Adjusted EBITDA growth of 0-2%.

MariMed Inc. CEO Jon Levine praises the DEA's decision to move cannabis to Schedule III, highlighting benefits for consumers, patients, communities, investors, and the industry. The reclassification will ease research, boost product innovation, remove tax burdens, and potentially open up financial opportunities.