Boston, MA – May 8, 2017 – MariMed Inc. (OTCQB: MRMD), a national cannabis organization that develops, owns and manages cannabis facilities and branded products, and is a leader in the cannabis and hemp industry, has released financial results for the quarter ended March 31, 2017. The Company reported 230% growth in revenue to $24.6 million, with $3.7 million in net income and a $8.2 million increase in cash. “We are pleased with our quarter and our performance in comparison with other publicly-traded companies in the cannabis industry,” commented Bob Fireman, MariMed President & CEO. “Our team has worked diligently to increase our market share and increase investor confidence with a focus
With the marijuana market heating up, thanks to the legalization of recreational cannabis use in Canada and the potential legalization of synthetic forms of the drug in the United States, many companies are starting to look into the opportunity that exists in this huge market. The company MariMed (OTCQB:MRMD) is one such company, and it recently reported a huge jump in revenues for the first quarter of 2019.
MariMed Inc. (OTCQB:MRMD) announced that its first quarter financial results were released, and the company reported increased revenues of 230%. The company generated $24.6 million in revenues, compared to $9.2 million during the same period of the previous year. This is a tremendous improvement over the initially projected $8 million to $10 million in revenues.
MariMed’s results for Q1 2021 reflect highest revenue and profitability
- Cannabis revenues increased 230% to $24.6 million and EBITDA increased 764% to $7.6 million in Q1 2021 compared to Q1 2020.
- Significant strengthening of the balance sheet and liquidity to support future growth
- A conference call will be held on the 18th. May at 9 o’clock. EDT
NORWOOD, Massachusetts, age 17. May 2021. /CNW/ – MariMed, Inc. (OTCQX: MRMD) (MariMed or the Company), a leading multi-state cannabis operator focused on health and wellness, today announced its financial and operating results for the quarter ended December 31. March 2021 announced. Financial data for the first quarter of 2021
- Achieve the highest quarterly revenue and profitability for core cannabis, in line with the 2021 target.
- Core cannabis revenues were $24.6 million, up 230% from $7.5 million in the first quarter of 2020.
- Achieved EBITDA of $7.6 million, up 764% from $0.9 million in Q1 2020
- Gross profit in the core cannabis business was $13.2 million, up 171% from $4.9 million in the first quarter of 2020.
- Net income was $4.3 million, or $0.01 per share, compared to a net loss of $2.3 million, or $0.01 per share, in the first quarter of 2020.
- Increase in working capital to $17.1 million, an increase of $19.3 million from the prior year’s negative working capital of $2.2 million
- Cash flow from operating activities was $6.8 million, an increase of $7.2 million compared to cash flow of $0.4 million in the first quarter of 2020.
- Amortization of debt in the amount of $16.6 million, representing substantially all non-mortgage debt.
Operating results and latest developments for Q1 2021
- The continued improvement in revenue and EBITDA in the first quarter of 2021 reflects the benefits of the work done in 2020, including:
- Continued ramp-up of production at the New Bedford, Massachusetts, cultivation and production facility has led to an increase in wholesale sales in the robust Massachusetts market.
- The increase in production and sales of branded products in Massachusetts is the result of increased production, improved efficiency and modernization of the New Bedford plant.
- The company’s award-winning range of cannabis flowers and products, as well as its favorable customer experience, have contributed to an increase in patients and customers at all dispensaries.
- Expanding recreational sales at MariMed’s dispensary Panacea Wellness in Middleborough, MA, which launched in September 2020.
- Continued growth in recreational sales at MariMed’s Thrive dispensaries in Illinois, which will open in the first quarter of 2020 in Anna and Harrisburg, and in Mt. Vernon, which opened in late September 2020. In addition to the recreational market, pharmacies in Anna and Harrisburg also serve the medical market.
- A 108% increase in management fees in the first quarter of 2021 compared to the first quarter of 2020 due to the continued success of the Company’s managed cannabis license clients in Delaware and Maryland.
- Received $46 million in funding from the Hadron Healthcare Master Fund. The funds raised to date ($23 million) have been used to strengthen the Company’s balance sheet by paying off virtually all non-real estate debt and improving liquidity. This capital has also been used to finance investments in the expansion of floriculture and in production. The remainder of the allocation (up to $23 million) can be used to supplement the purchase of additional units licensed to produce cannabis in the state.
- The company’s fourth clinic in Illinois, Thrive Metropolis, recently opened. It is the only clinic in Metropolis, home to the Superman Museum and a regional tourist area along the Ohio River and the Illinois-Kentucky border.
- Expanding the award-winning product portfolio with the addition of a new Smashin Passion SKU to the Betty’s Edibles™ brand of vegan chewable tablets and additional new SKUs to the Kalm FusionR and Nature’s HeritageR brands. MariMed brands are now available in five states and Puerto Rico.
We are very pleased with our performance in the first quarter. We achieved significant revenue growth and improved results for our shareholders. Our previously announced consolidation plan is working – we are building a strong, consolidated platform with great assets and brands that consumers love, led by experienced leaders at the corporate and local level.
Bob Fireman, general manager of MariMed
We have a new financial partner who will support the company and enable management to achieve its growth objectives. These key elements, along with positive cash flow and profitability, allow us to continue to grow and consolidate into a leading MSO. MariMed is sticking to its previously announced revenue and EBITDA guidance for 2021 of $100 million and $30 million, respectively, according to John Levin, CFO of MariMed. As our balance sheet continues to strengthen and revenues increase with the ramp up of production at our plant and the number of customers and patients in our pharmacies increases due to an active recreational market in Illinois and Massachusetts, we remain confident in our forecasts. For more information, see the Company’s Quarterly Report on Form 10-Q for the three months ended December 31. March 2021, available at www.SEC.gov. Conference call On May 18, 2021, MariMed will host a conference call to discuss these results. Bob Fireman, executive director, and John Levine, chief financial officer, will host a conference call beginning at 9 a.m. Eastern time. The presentation of the handbook will be followed by a question and answer session. DATE: Tuesday, 18. May 2021 TIME: 9:00 Eastern Time WEBCAST: Press to go to NUMBER: 1 (888) 664-6383 ID OF THE CONFERENCE : 94903675 REPEAT READING : (416) 764-8677 or (888) 390-0541 Game Code Again: 903675 # Available until Tuesday, June 1. 20, 2021, 12:00 p.m. Eastern Time. About MariMed MariMed Inc. is a multi-state cannabis company dedicated to improving human health and well-being through cannabinoids and cannabis products. The company develops, owns and operates licensed cannabis seed businesses that are exemplary in horticulture, cannabis cultivation, cannabis products and dispensary operations. MariMed has an experienced management team that has ensured the continued growth and success of the company and the businesses it manages, keeping it at the forefront of cannabis science and innovation. Patented recipes developed by the company’s engineers are incorporated into its leading products and brands, including Betty’s Eddies®, Nature’s Heritage™, Bourne Baking Co. and Kalm Fusion®. For more information, visit marimedinc.com. Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.
As the first quarter from its fiscal 2020 year, MariMed Inc(OTCQB:MRMD) posted revenue of $24.6 million, a 230% increase compared to the same period last year. The company recorded a net loss of $8.4 million, compared to $7.3 in the first quarter of last year. -Impressions of MariMed’s financials?. Read more about is marimed a good company and let us know what you think.
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