MariMed Reports 'Another Year Of Strong Operational And Financial Performance' And More To Come In 2024

MariMed Inc MRMD MRMD, the multi-state cannabis operator announced its financial results late Wednesday for the fourth quarter and year ended December 31, 2023.

"I am pleased to report another year of strong operational and financial performance," said CEO Jon Levine.

Marimed's revenue rose to $38.9 million for the fourth quarter, up from $35.8 million for the same time period a year ago.

Net loss in the quarter rose to $10.1 million over last year's fourth-quarter income of $4.7 million. The company had a $10 million loss on the extinguishment of debt in the quarter leading to the change. The loss per share was $0.03 versus last year's earnings per share of $0.01.

"I believe MariMed stands alone among cannabis companies for the longevity of delivering these strong financial results. We anticipate continuing this track record as the commencement of wholesale operations in Illinois is contributing to a solid start in 2024, positioning us for outsized, long-term growth," Levine said.

For the full year, MariMed reported revenue of $148 million over 2022's revenue of $134 million. Net loss for the year also rose to $16 million over 2022's net income of $13.6 million. The net loss per share for the year was $0.04 versus 2022's net income per share of $0.04.

"We had a record year with respect to revenue generation, particularly in wholesale, new asset openings, and leveraging our balance sheet strength to secure capital," Levine said. "We reported double-digit revenue growth for the sixth consecutive year and positive adjusted EBITDA for the fourth consecutive year."

MariMed gave a full-year 2024 financial target for revenue growth of 5% to 7%. The company said the estimate was based on the organic growth of its existing operating assets and did not include new revenue-generating projects, such as:

• Commencing adult-use sales in Ohio
• Opening the new processing facility in Missouri
• Opening the new dispensary in Maryland
• Acquiring other operating assets or licenses.

Read MariMed's full report HERE

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