2Q Revenue Expands While Adjusted EBITDA Declines; Growth Expected to Accelerate in 2H
MariMed reported second-quarter revenue of $36.5 million, which was modestly ahead of our estimate of $36.0 million. This is a 10.6% Y/Y increase in revenue and a 6.2% improvement Q/Q. Higher revenue was driven by the opening of the adult-use Panacea Wellness Store in Beverly Massachusetts on April 25 and the Thrive Wellness medical dispensary in Tiffin, Ohio that opened on June 12. During 2Q, MariMed also benefited from its recent approval to begin manufacturing and selling high-dose edibles in Maryland. Revenue should continue to build in 3Q with a full quarter of revenue from the new Massachusetts and Ohio assets, plus Maryland moving to adult-use sales on July 1... We are hosting an earnings review on Twitter Spaces with MariMed CFO Susan Villare. Investors can listen live on August 8 at 3:00 pm ET and there will also be a recording available. There is a link to the invitation in the full report.
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