MariMed's 2024 Financial Update: Growth and Key Highlights
Overview of MariMed's Financial Performance
MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD) has announced its financial results, showcasing exceptional performance for the fourth quarter and the entirety of 2024, marking a transformative year for the company.
Record Revenues and Growth
MariMed's CEO, Jon Levine, expressed pride in achieving record revenues and a significant increase in adjusted EBITDA. The company realized a remarkable 29% annual growth in wholesale revenue, primarily attributed to their robust portfolio of cannabis brands. Notably, Betty’s Eddies™ fruit chews emerged as the best-selling edible in key markets.
Market Expansion Strategies
Looking forward to 2025, MariMed plans to capitalize on several promising avenues for growth. This includes financial contributions stemming from the construction and expansion of ten revenue-generating assets over the past two years. The company also anticipates further wholesale gains in vital markets like Illinois, Missouri, and Maryland.
Financial Highlights
The consolidated financial highlights include substantial growth metrics, with revenues reaching $39.0 million for the quarter ending December 31, 2024, compared to $38.9 million for the same period in 2023. Annual revenue totalled $158.0 million, marking a significant increase from $148.6 million the previous year.
Gross Margins and Net Loss
The Company reported a GAAP gross margin of 33% for the fourth quarter and 40% for the entire year. Despite the impressive revenue figures, MariMed experienced a net loss of $8.2 million for the fourth quarter; however, this was an improvement compared to the prior year.
Continued Commitment to Quality and Growth
According to CFO Mario Pinho, MariMed remains committed to its financial health, possessing one of the strongest balance sheets in the cannabis sector. Achieving revised financial guidance for both revenue growth and adjusted EBITDA has positioned the company well for sustained top-line growth into the upcoming year.
Operational Highlights
MariMed made significant strides operationally in the fourth quarter. This includes the commencement of growing operations at a new cultivation facility in Illinois, dedicated to producing their award-winning Nature's Heritage flower. The first harvest is expected to hit the market shortly, enhancing product availability.
Manufacturing Operations in Missouri
Additionally, the launch of manufacturing operations in Missouri has begun with the wholesale distribution of branded products commencing late December 2024, further extending their market reach.
Recent Developments
On March 3, MariMed announced the successful acquisition of First State Compassion Center in Delaware, a leading cannabis operator in the state. This move is expected to boost their market position as Delaware transitions into adult-use sales.
Understanding Non-GAAP Financial Measures
MariMed employs a range of financial measures, both GAAP and non-GAAP, to evaluate its operational effectiveness. Non-GAAP adjustments provide insight into operational performance, excluding non-recurring expenses to give a clearer picture of the company's profitability.
About MariMed Inc.
MariMed is dedicated to enhancing the quality of life through high-quality cannabis products. They manage licensed cannabis facilities focused on horticultural excellence and innovative product development. Their lineup includes several top-selling brands that resonate with consumers.
Frequently Asked Questions
What were the key financial highlights for MariMed in 2024?
MariMed reported revenues of $39 million for Q4 2024 and $158 million for the year, with a 29% increase in wholesale revenue and a gross margin of 33%.
How did MariMed's CEO describe the company's performance?
CEO Jon Levine highlighted record revenues and improved adjusted EBITDA, attributing these successes to their robust brand portfolio and market strategies.
What operational developments occurred in the fourth quarter?
MariMed started growing operations in a new facility in Illinois and launched manufacturing in Missouri, enhancing their product distribution capabilities.
What are the future growth plans for MariMed?
The company aims to expand market penetration through new asset contributions, wholesale growth in key markets, and strategic acquisitions.
Where can I find more information on MariMed?
For further information, you can visit the company's official website at www.marimedinc.com.
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